#以太坊交易量飙升# shows that the Ethereum spot trading volume reached 25.7 billion dollars, while the Bitcoin spot trading volume was 24.4 billion dollars.

Although a gap of 1.3 billion dollars is not that significant, it is a landmark point for the crypto market. It's important to note that for a long time, Bitcoin has been the "leader", with its trading volume almost consistently ranking first! What does this reversal really mean?
1. The market activity is increasing, and funds are starting to "move". The trading volume is a direct reflection of the market's "popularity". The Ethereum trading volume has risen, which reflects the activity within its ecosystem - whether it's the flow of funds in decentralized finance (DeFi), the trading heat of NFTs, or the recently highlighted concept of restaking, all of which have allowed funds to circulate more frequently within the Ethereum network. This also sends a signal: the market is no longer solely focused on "hoarding coins" (one of Bitcoin's core logics); the "application attributes" of cryptocurrencies are attracting more funds, and the overall market activity is subtly warming up.
2. Could it be the "prelude" to a market cycle? Historically, when funds rotate from Bitcoin to other major cryptocurrencies (especially Ethereum), it is often accompanied by a warming of market sentiment and may even lay the groundwork for a larger trend. As the public chain with the richest ecosystem, the movements of Ethereum are seen as a "barometer" of the market, and this time the volume surpassing naturally leads many to associate it with a "new cycle signal."
This reversal seems more like a "stamp of approval" on the value of the Ethereum ecosystem: the ecosystem is king.
The reason Ethereum can lead in trading volume lies in the richness of its ecosystem - the scale of DeFi locked funds, the activity level of NFT transactions, and the popularity of various on-chain applications (such as re-staking, etc.) all make funds more willing to flow within the Ethereum network. "The more it's used, the more transactions there will naturally be."
Attraction upgraded again: When the market proves with funds that "Ethereum is not only a tool but also an important trading asset", it will undoubtedly attract more new users and new funds into its ecosystem, forming a positive cycle of "active - attract - more active".

What do you think about the subsequent trend? This does not constitute investment advice.
Ethereum: The enthusiasm may continue, but it needs to be viewed rationally. In the short term, the "champion" aura of trading volume + the expectations of the Cancun upgrade potentially landing in the fourth quarter will keep Ethereum's market attention rising, and price performance may become more active. However, there is no need to expect a "one-sided surge": the current market is still in a recovery phase, and issues such as network congestion and high Gas fees on the Ethereum network remain drawbacks (hoping the upgrade can improve this). The subsequent trend is likely to be a state of "continued enthusiasm + oscillating fluctuations", and quality applications within the ecosystem are worth paying attention to. Bitcoin: Stability is key, and the "big brother" remains unchanged. The temporarily surpassed trading volume may make Bitcoin's short-term performance appear slightly dull, with some funds possibly flowing into Ethereum.
However, in the long run, the "stability value" of Bitcoin will stand out more — if market sentiment improves overall due to the activity of Ethereum, funds will ultimately still pay attention to Bitcoin's role as a "ballast." The subsequent trend is likely to be characterized by "steady fluctuations," with volatility possibly being lower than that of Ethereum, making it more suitable for those who prefer stability.

Summary: The market is moving towards "diversified activity"
Ethereum's trading volume has surpassed Bitcoin's, and the core issue is not "who replaces whom," but rather that the market is sending a signal: the crypto market is evolving from "Bitcoin dominance" to "a diverse and active landscape." The vitality of Ethereum's ecosystem has been validated, while Bitcoin's core value remains intact. For observers, closely watching the ecosystem dynamics of both (such as Ethereum upgrades and Bitcoin's institutional movements) may be more meaningful than getting caught up in "who is first."