I have a judgment about the next bull market—Ethereum will outperform Bitcoin. This view may not be mainstream, but I want to clarify my thoughts.

First, it’s important to understand that the value logic of mainstream assets like Bitcoin, Ethereum, Solana, and BNB are completely different. Some are for value preservation and risk resistance, while others are driven by ecosystem growth and profit. You need to figure out what you want first.

The core advantage of Bitcoin is one word—scarcity. The total supply is capped at 21 million coins, with no further issuance. The mining difficulty halves every four years, and currently, only about 2 million coins remain unmined. From a cost-effectiveness perspective, it’s even more formidable than gold—the global gold mines will last for decades, but Bitcoin will be fully mined in about twenty years. Its underlying logic is very pure: to counteract fiat currency devaluation and hedge against global liquidity expansion risks. That’s why institutions and large holders treat it as a safe haven asset. The obvious downside is its limited functionality—besides transfers and storage, it can’t do much else. But just based on scarcity, holding it long-term is extremely stable.

Ethereum’s story is completely different. It’s not just a coin, but an operating system for blockchain. About 90% of DeFi, NFT, and GameFi applications run on this platform. This means you’re not just betting on Ethereum as an asset, but on the future of the entire blockchain ecosystem.

What’s interesting is its scarcity mechanism—there’s no fixed cap, but it uses a burning mechanism to dynamically regulate circulating supply. The more active the transactions, the more coins are burned, which could make it increasingly scarce over time. More importantly, thousands of applications run on this platform, and each time a popular new application emerges, the demand for Ethereum increases. In other words, Ethereum’s value is tied to the prosperity of the entire ecosystem. Its drawbacks are old issues—slow transaction speeds and high Gas fees—but these technical problems can be solved.

In this bull market, Ethereum’s performance has indeed been somewhat disappointing, with gains not surpassing Bitcoin. But in the long run, I am very confident in Ethereum for the next cycle. The development of the blockchain application ecosystem is just beginning, and the future potential is much greater than that of a simple store of value asset.