I asked ChatGPT the same question, and the answer was this;
Ask it why Ethereum is going down and Solana or Tron up while all those things that it has listed there can apply to all three of them.
The answer is far simpler, ETH has simply hit a cap, there is little enthusiasm of doubling your money overnight, there is no certainty of keeping in line with BTC, people look at the results and they see that BTC brings stability and that huge gains comes from new coins not old ones.
So, why would anyone gamble on old coins when they can just stay safe with BTC?
Sounds frustrating and it's more frustrating when the coins that you're holding will not pump when the altcoin season happens. The question now is, will there be an altcoin season?
The question is, why should ETH act more like PEPE during an altcoin season and less like BTC?
This is no longer 2013 or 2017, why would altcoins act like a block and why would old coins act like meme coins?
Altcoin season was a new thing, it was because you had thousands of new coins with new features and promises in a period of hype when everyone had his pockets full and afforded to gamble away, once the markets mature, you will not get these kinds of movements anywhere, they make less and less sense.