To me it sees clear, that BTC has won the global store of wealth / defence against declining fiat narrative. So, that leaves ETH (once touted as an "alt" to BTC's core function, with that battle totally lost, and battling and infinite number of "better than ETH-alts". BTC is finite, yet these "better than ETH-alts" are infinite. And reality is, very few of those types of "investors" really care about technical aspects. They simply are chasing a quick gain.
It is still too early to say that ETH is collapsing because out of all the altcoins that exist, this is the second coin that has a fairly large market cap.
In terms of investment, people only care about profits and maybe they don't put ETH as one of the coins they hold in the long term, but if the coin can be used to generate profits, why not.
People might say like this, if you want to see opportunities to generate profits, then take advantage of some of the opportunities that exist and ETH is the second solution that might be used.
Solana is making progress in certain aspects but to beat ETH's capitalization is a bit harder because people will look at the performance that is happening in the market.
All considerations can be done carefully because generally investment is only about profit.