ETH/BTC pair is in a multi-year downtrend, alt narratives are fading, and Bitcoin dominance is back above 60%. The ecosystem feels quiet. No more hype, no more retail. Altcoins aren’t leading anymore — they’re trailing.
Nobody is ready to consider the ETH/BTC but looking at only ETH/USD. As a crypto adapter I need more BTC for my ETH. Otherwise there would be no point of taking risk of adapting ETH against bitcoins. I mean, if I invested same USD in bitcoin, I might have gained more returns or if I did not convert my BTC into ETH, I would have gained more with my BTC itself. So, I agree that flipping has not started yet and I agree with you it may never happen again.
In marketcap or utility any coin may surpass bitcoin but cannot disturb the growth of bitcoin which is the first mover advantage. There were many altcoin backed by real projects but nothing survived or bitcoin will include any needed utility within its ecosystem. So these are all not the criteria, we need to consider at first hand.