The BTC-ETH pair might need the rest of the year to fully play out this scenario, but there's a solid case building here.

Looking at the chart, we've seen euphoria peak and a complacency shoulder form—classic market structure. What's next? The anger phase. Now, this doesn't necessarily mean Bitcoin needs to collapse. It could just mean Ethereum outperforming on the upside instead, or simply holding its ground better while BTC faces headwinds.

The relative strength story between these two is worth watching closely over the coming months.