# BMNR大涨近6%连续增持ETH

Digital gold is only Bitcoin! The ETH-to-BTC exchange rate has dropped nearly 80% over the past 8 years, having passed through three bull-and-bear cycles and continuing to weaken—it’s no longer just short-term fluctuations.

Why has the former king of public chains fallen behind Bitcoin, and why is the gap getting wider? Four fatal issues go straight to the root:

1. The foundation holds very few coins—no capital to prop things up, no ability to step in as a backstop, and a weak ecological foundation;
2. Technological upgrades rewrite economic models—deflationary logic fails, and the syste