Looking back at the performance of the crypto market over the past year, you'll find an interesting phenomenon—Bitcoin hitting new highs, Solana's popularity skyrocketing, Meme coins and AI concepts taking turns to siphon liquidity, while Ethereum seems to have been somewhat neglected.

ETH didn't crash, but its gains were indeed lackluster; it didn't completely fall silent either, but in many investors' portfolios, it has become that "tasteless yet regrettable" asset.

So the question is—has ETH really lost?

If you only look at the candlestick charts, the conclusion might be yes. But from a different perspective, this "softening" might not be a failure but a process of transformation. Transitioning from a purely speculative tool to an infrastructure-level asset—this shift may not be as glamorous, but it is much more important.

**Why ETH has indeed "softened" this year**

Data doesn't lie. Over the past 12 months, ETH has been under pressure in three dimensions simultaneously: its exchange rate relative to Bitcoin has continued to weaken, with each rebound being seen by the market as a "deleveraging opportunity"; the flow of trend traders' capital has consistently moved toward high-volatility assets, with SOL, AI, and Meme coins becoming the new favorites; trading volume and popularity have noticeably declined—though not to the point of stagnation, its presence has definitely diminished.

The implication is straightforward: the market collectively believes that ETH has lost its "story of quick wealth." Instead of chasing stories that can triple or quintuple, investors are now more willing to bet on the crazier stuff.

Looking at the actual flow of funds provides even clearer evidence. While ETF inflows are happening, the pace is clearly less aggressive than Bitcoin's; active new capital is more inclined toward SOL and other new narratives. Trading volume exists, but there's no longer that "whole market is paying attention" feeling.

**But what might this actually indicate**

When an asset shifts from being a "must-have speculative target" to a "long-term asset to consider," short-term cooling-off is quite normal. What ETH is experiencing may be a transition from a speculative asset to a foundational asset—this process will inevitably suppress short-term price movements, but the underlying logic is actually strengthening.

From this perspective, the main bullish case for 2026 might just be beginning to take shape.