The core logic of the next bull market

The core logic of this bull run is actually compliance, especially as it gradually gains acceptance within the mainstream financial system in the United States. Institutions and some governments only recognize BTC and are reluctant to touch other altcoins, so this round is mainly BTC's solo strength, and even ETH's performance isn't particularly impressive.
But it is precisely because of compliance that BTC has completed its wild growth phase. After the market cap expands, the explosive power of new capital inflows will decline. Most of the institutions that are going to enter have already done so, making it difficult to rely on a new wave of retail investors to push prices to absurd levels. Therefore, I think returning to $100,000 is a cycle correction, but it’s unlikely to see the super gains of the past.
A bigger issue is that the industry environment is becoming increasingly chaotic, with scams rampant and meme harvesting serious, which will weaken the entire ecosystem's ability to attract new funds. Without new practical value output, long-term prospects for BTC are also unfavorable.
So I am actually more interested in whether there will be new narratives in the next cycle. In this regard, I am more optimistic about ETH. Over the past few years, it has optimized speed and fees without significantly sacrificing decentralization. Layer 2 ecosystems, on-chain finance, and asset tokenization are all advancing, and practical usability is beginning to emerge.
Current ETH infrastructure is not lacking; what it needs is a trigger point. As long as some hot topic ignites market sentiment, it is very likely to become the core of the next bull market. BTC is more stable, but the variable that determines the height of the next bull run may be ETH.