According to The Block, the ETH/BTC price ratio fell to 0.032, the lowest level since March 2021. Bitcoin prices continue to hit record highs, currently trading at around $97,770, while Ethereum has been relatively weak in the market rally. The analysis pointed out that the strong rise of Bitcoin benefited from the approval of the Bitcoin spot ETF in the United States in 2024 and the re-election of Trump who supports the cryptocurrency. In contrast, Ethereum is facing dual pressure: both competing with Bitcoin for the store of value position and competing with Solana for the market on the smart contract platform. Solana has attracted more developers and investors with its advantages in decentralized exchanges and protocol fees. In addition, its market momentum has been affected by regulatory uncertainty since the Ethereum merger upgrade in 2022.