ETH is undervalued because collateral and staking create demand L1 fees miss. Aave V3 has 2.2M WETH supplied and 1.75M borrowed on Ethereum. Yet Base reportedly paid Ethereum ~$15K for September data publishing versus $711K to the Optimism Collective, showing weak L1 capture. Absolute stablecoin growth matters more than share, but is not itself ETH demand. The case strengthens when activity creates sustained demand to hold, borrow against or stake ETH, or raises fee burn relative to issuance. … Show more

Ethereum is where institutions and smart capital keep their value in DeFi. Its TVL is nearly double the roughly $23 billion combined on BNB Chain, Solana, Tron, Base and Bitcoin, because its collateral is deepest, apps are battle-tested, stablecoin rails are strongest and large capital can move securely. Fundstrat and BitMine could be among the biggest winners in the second half of the decade. x.com 

Ethereum's strong ecosystem is not translating into enough ETH value capture to support significant appreciation unless that changes. The Ethereum Foundation selling ETH again is frustrating; buybacks and stronger incentives for L2s to accumulate and buy back ETH could improve the token's economics. Fundstrat, which owns roughly 5% of the supply, has a huge opportunity to push for better value capture. x.com  x.com 

Ethereum's upside looks worth the bet because the payoff to its prior high is much larger than the downside, and buyers still respond to good news. There is roughly 16% down to $1,950 versus a little over 2x back to the prior all-time high. LIT caught a sharp bid around its US regulatory plans, and CHIP rallied 40% around a $1 million buyback; that response looks like a bull-market sign. x.com 

Ethereum keeps proving its longevity as the home of DeFi. Every cycle a new star prompts claims that it is washed, then it goes on another run, much like Cristiano Ronaldo returning to the scoresheet. x.com 

ETH's claim to be DeFi's money is weakening as stablecoins become the real unit of account, even on Ethereum. Aave's TVL on Ethereum has shifted from ETH toward stablecoins over the past three years. That undercuts @ryanberckmans's argument that ETH is a store of value accruing value from utility and confidence rather than cash flows. x.com 

Ethereum's growing stablecoin base contrasts with ether trading at roughly half its November 2021 price. The network holds $146 billion in stablecoins, up from $83 billion on November 10, 2021. x.com 

ETH looks undervalued even with all the capital already on Ethereum, because its credible neutrality draws asset issuers and institutions. A post the author replies to cites ex-BlackRock VP @BitcoinJesusETH: credible neutrality is TradFi's counterparty-risk minimization, which Ethereum has built for over a decade, and Ethereum holds the lion's share of tokenization, stablecoin adoption and the coming agentic economy. x.com 

Ether's price is falling while open interest rises, meaning leverage is building into the dump, a setup that tends to end badly for longs. x.com 

Ethereum's layer-2 networks are insanely bullish long term because they give every major institution a substrate to build on while reinforcing the use of ETH. There is no good reason to build a modular chain anywhere else, and today's very low fees to do so, without running your own consensus, are a feature, not a bug. Expect many more L2s in the next few years. The L2 roadmap did pull focus from L1 scaling, which is still needed, but zk proving will get there. x.com  x.com