As an ETH maxi, I see it like this: most of crypto runs on Ethereum anyway. Think of it like the yen weakening — Ethereum just keeps getting cheaper over time, right? I focus on Bitcoin, but here's the real question: is the money flowing into Ethereum actually spreading out into all those altcoins? Or is it just pooling up? The liquidity layer is shifting. ETH absorbs, then redistributes. But lately, it feels like the distribution is getting thinner. More chains, more tokens, more noise. Still, Ethereum remains the backbone. Even when it feels quiet, the infrastructure is humming. What do you think — are we seeing real alt season, or just ETH recycling?