BTC has risen to 88000, ETH is still not 1,600.

Seeing this market trend, I guess many people want to curse ETH again. Just looking at the short term, ETH dropped directly from 3500 without any rebound. I don't know the real reason, I can only speculate:
1. The weight of ETH is heavy, institutions are killing off retail and liquidating long positions, along with a small number of institutions cutting losses and exiting the market, just like in July 2022 when the major bull Three Arrows Capital was blown up.
2. The fundamentals of ETH are problematic. I personally think the possibility of 1 is greater. XRP, ADA, and SOL can all rise, with market caps approaching ETH, but the daily trading volume is only less than one-fifth of ETH, while the daily trading volume of ETH is 50%-70% of BTC, which is completely inconsistent with the market cap. From this perspective, when even the dogs on the street know that ETH is going to fail, the cost-performance ratio of ETH is already very high.
I don't know if 1384 is the bottom, it’s very likely not, but the value for money of ETH at this position is quite good. If ETH completely fails, then there will be no technology in the future, and the entire crypto market will turn into a gambling ground for meme coins. In the long run, SOL and other chains will also go to zero. One day, ETH may be replaced, but it will definitely not be by chains like SOL or centralized pseudo-tokens like XRP.
In the long term, I still have confidence in ETH.