In recent market dynamics, Pankaj Balani from Delta Exchange highlighted a key factor - Ethereum (ETH) has underperformed Bitcoin (BTC), partly due to Ethereum’s L1 blockchain still having gas fees at an annual low level. Additionally, user activity is shifting towards Ethereum’s Layer 2 (L2) solutions as well as platforms like Solana. Since May this year, the market has been fully aware of the news of the listing of Ether现货 ETF, causing a continuous decline in the ETH/BTC ratio. Market forecasts suggest that when comparing the inflows into different asset categories via ETFs, Ethereum may not be able to match Bitcoin. These observations further reveal structural changes within the Ethereum ecosystem and their implications for investor decisions.