[Analysis: Ethereum's Market Cap Share Declines, Signaling Structural Shift in the Market] According to BIT analysis, during the 2020-2021 bull market, smart contract platforms were widely regarded with high expectations. The market once believed they had the potential to reshape certain infrastructure and business processes within the traditional financial system. However, as these high expectations failed to materialize into relative advantages, Ethereum's market cap share within the digital asset ecosystem has continued to decline. Currently, Ethereum's market cap share has once again fallen below 10%, shrinking by more than half compared to two years ago. This indicates that ETH's relative position in the crypto market continues to weaken. For investors with heavy ETH holdings, this trend warrants caution. The continued decline in ETH's market cap share suggests that capital is flowing toward other narratives or ecosystems. If this trend persists, ETH may remain under pressure and maintain a relatively weak position.