ETH price action is amazing and encouraging, but still a lot for the ecosystem to become the obvious choice for institutions and grow into higher valuations
What feels different this time is that ETH is being bought and tokenized as stock yet barely used for its ecosystem
People love to claim “ATH and still at 1 gwei” or “ATH and no one cares beyond CT” is bullish but it’s actually bearish
If most stablecoin flow migrates to L1s like Stripe or Circle and the degen volume lives on Solana, what real niche does ETH still own? L2s value capture for the L1 seems still weak/unclear to me
Disclosure: I’m extremely long ETH and think it’s far too lindy to collapse outright but this trend still perplexes me
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