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The demand for ETH is slightly stronger than that for BTC, with a net inflow of 176 million, while BTC only has 36M. It seems that institutions still prefer ETH.
If BTC does not stabilize here, it will be difficult for ETH to have an independent market. If BTC can stabilize later, then holding ETH will far outperform BTC.
Now there is nothing lacking, what is lacking is the time to wait and observe. You can do dollar-cost averaging now, but you should not go all in aggressively.