2025-12-25 17:22:04

The recent market trend is indeed quite interesting. Bitcoin, driven by institutional hot money, surged to a new all-time high of $125,000, showcasing unparalleled glory. In contrast, Ethereum, as of December 25th, fluctuates around $2,886, down more than 40% from its historical peak. The performance of the two presents a stark contrast—one soaring to the sky, the other remaining stagnant.

Even more heartbreaking is the ETH/BTC trading pair. This exchange rate has fallen to its lowest level in recent years, dropping over 60% from its previous high. In other words, if you held both Bitcoin and Ethereum at the same time last year, your Ethereum assets have already shrunk significantly.

A special phenomenon has emerged in the 2025 market—an unprecedented level of market divergence. The old "four-year cycle" script has basically failed this year. Traditionally, each bull market followed a classic pattern: Bitcoin leads the rally, followed by Ethereum catching up, and finally, various altcoins start to rotate. But this year, that logic has been completely broken.

Why is this happening? The reason is actually not complicated. Bitcoin has attracted a large amount of institutional funds through spot ETFs, successfully securing its position as "digital gold." Meanwhile, Ethereum's gains have lagged severely, falling into an awkward situation.

On-chain data shows an even more pessimistic picture. Gas fees on the Ethereum network have significantly decreased, indicating that user activity and network demand are softening. There's also an interesting phenomenon—Layer 2 solutions have been very popular in the past two years, but their success has inadvertently created a trap for Ethereum. When users trade on Layer 2, they pay Gas fees in L2's own tokens or stablecoins, not ETH. As a result, the more successful Layer 2 becomes, the lower the demand for ETH. This "vampire attack" effect is gradually becoming apparent.

BTC-0.13%

ETH-0.7%

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ZenZKPlayer

· 4h ago

Come on, this wave of BTC leading the pack while ETH stays flat. Basically, it's institutions banding together to keep warm. --- The vampire attack on L2 has been obvious for a long time; ecosystem self-sabotage is real. --- ETH has really fallen to the point of relying on market manipulation to support its price. It's hilarious. --- The four-year cycle has collapsed; this year's market logic is completely messed up. --- So, it still depends on how high BTC can go. ETH has already accepted its fate. --- A decrease in Gas fees turning into a negative? The storyline of Ethereum is really well written. --- The vampire attack concept is incredible. The stronger the L2, the more ETH underperforming. Who would have thought? --- Institutions are mainly buying BTC, while Ethereum is just considered background noise. --- Haven't we all said ETH would turn around? Why is it still crawling on the floor? --- ETH has dropped 60% relative to its value; that number is quite shocking.

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ForkLibertarian

· 4h ago

Alright, isn't this just the fate of ETH, being counterattacked by its own layer2, hilarious --- BTC 125k, ETH is still there idling, the price gap is getting more and more outrageous --- Told you earlier, the current four-year cycle market is basically useless, institutions only recognize BTC as the digital gold --- Is the rise of L2 hurting ETH? That logic is a bit ridiculous, can't even do arbitrage anymore --- ETH's awkward position is really uncomfortable, feeling neither hot nor cold --- Those who bought BTC and ETH last year, now ETH has shrunk so much, their mentality must be collapsing --- Lower gas fees sound comfortable, but that precisely indicates no one is using the network… --- The vampire attack theory is interesting, the more powerful layer2 is, the more ETH gets hurt --- Institutions' money is all poured into BTC, ETH is just being neglected, sigh

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PerpetualLonger

· 4h ago

This ETH is really amazing, L2 vampirism, institutions all rushing to trade BTC, and I still hold onto my faith and add to my position.

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OptionWhisperer

· 4h ago

Damn, ETH is really being drained, the more popular L2 gets, the worse ETH performs, this irony is just too much... --- When BTC hit 125K, I knew ETH would be left behind. This current situation is not surprising at all. --- Four-year cycle invalid? The entire market logic has been rewritten by institutions, retail investors are still waiting for a rebound. --- A 60% drop in ETH/BTC, it hurts just to look at it, I dare not check my holdings. --- L2's success is actually a trap for ETH, how ironic is that, their own child bleeding their own blood. --- Why insist on holding ETH? Isn't it better to just go all-in on BTC? Still betting on ETH to catch up? --- You can see from the drop in Gas fees that Ethereum is no longer popular, it's gradually being marginalized.

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pumpamentalist

· 5h ago

This really is a case of success and failure at the same time, with L2 booming but ending up trapping ETH, which is quite ironic. ETH is really a bit miserable, it might have been better to go all-in on BTC earlier. The four-year cycle has broken down, indicating that this market cycle is just a script for institutions to harvest retail investors. The key is ETH/BTC dropping 60%? How painful must it be for those holding? L2 draining liquidity needs to be addressed, or ETH will continue to sink. Bitcoin is digital gold; what has ETH become? That's a joke. This level of divergence truly refreshes my understanding; I can't make sense of it at all.

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NFTRegretter

· 5h ago

Bro, ETH has really been hit hard this time. BTC is draining, L2 backfires, how is ETH supposed to play this game? The 60% drop in price is truly despairing.

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nft_widow

· 5h ago

Unbelievable, L2 success is actually draining ETH? This logic has completely trapped itself. ETH/BTC has dropped over 60%, it must be really painful now after buying last year. BTC is supported by institutions, ETH is being neglected. The four-year cycle breaking is really quite outrageous. Honestly, this round of market feels a bit awkward for ETH. Institutions are voting with their feet—digital gold versus smart contract platforms, the landscape has completely changed. Oh no, is this considered L2 reverse digging a pit? LOL. It should have been obvious that L2 would eat into ETH’s demand. It’s a bit late now to see this problem emerge. Why do I feel like ETH is becoming more and more tasteless and a pity to abandon? Are you still holding onto ETH? Honestly, it’s really tough right now. The decline in gas fees doesn’t sound like a good sign; it indicates that ecosystem activity is really dropping. But that’s not surprising—BTC is leading the pack, who cares about others? This market divergence is unprecedented; it feels like the entire logic has been rewritten.

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