While the US stock market hits new highs, the crypto world is playing out an interesting divergence. Ethereum and the Russell 2000 index are drifting further apart, and while small-cap stocks are surging, ETH remains stuck around $3300. The seesaw effect between traditional finance and digital assets is becoming increasingly evident.

But if you only look at the surface, you might miss key signals. Inside the crypto ecosystem, silent changes are accumulating.

The ETH/BTC indicator is quite interesting — it has risen 8% since October. What's behind this? Bullish capital is continuously flowing in, clearly indicating that funds are concentrating on Ethereum. When you see this persistent capital bias, it’s usually not accidental, but a sign that market participants are making a choice.

The altcoin season index is also gradually rising. Although still in the early stages, the sense of energy buildup is already perceptible.

On the surface, it looks weak, but a quiet shift is happening at the bottom. This is the true picture of the current situation.