The signs were there that Bitcoin was going to crash to the 70k range. Everyone had multiple opportunities to liquidate, we just decided to be greedy and ignore it as always.

Notwithstanding, we are still pretty much in a bull market, ETH’s underperformance is not natural, it's a deliberate surpression for institutional players to secure cheap positions.

The data is there onchain. Market makers appear to be highly incentivized to keep ETH low.