In the long term, compared to the previous bear market, ETH is in an overall upward trend in exchange rate relative to BTC due to the development of its ecosystem.

In this year, in addition to the changes on the ETH supply side that led Ethereum into a deflationary era, the Layer 2 sector also welcomed new changes, while traditional financial institutions and tech giants actively positioned themselves, contributing several noteworthy new and old narratives to Ethereum.