I was never holding $ETH, even before David Hoffman’s deep dive last week. My capital was already allocated to $TAO and $HYPE. And honestly? I agree with the core thesis entirely. 🧠 The “ETH is money” narrative has hit its practical ceiling. I’ve tracked Ethereum from the earliest days—both the technology and the financial asset. The network has delivered on almost every promise it made. The asset? It hasn’t. This is the painful truth that most are still ignoring. Ethereum was architected as a GIVER, not a taker. It provides the safest block space in crypto, at cost, to L2s and applications. It tokenizes the world’s assets for cheap. Noble? Absolutely. But that means the base layer captures almost zero economic value to drive a sustainable re-rating of $ETH. L2s keep the margins. Apps eat the rest. That was always the design, and it’s now a feature that works AGAINST price appreciation. Price performance across smart contract L1s tracks fee and revenue dominance. The data is crystal clear across cycles: ETH’s 2021 dominance matched peak fee share; $SOL’s run mirrored its fee explosion; $NEAR’s pump tracked token burn growth. Ethereum no longer holds that dominance. It has become… normal. Without a clear path back to overwhelming fee leadership, the bullish re-rating narrative for ETH is dead in the water. 🚨 The vision of a self-sustaining, democratic financial system never achieved the coordination and cultural momentum needed for ETH to become default money. Stablecoins exploded on Ethereum, but they reinforce dollar dominance, not ETH’s. Tokenized real-world assets will do the same. Utility flows THROUGH Ethereum; it does not accumulate IN ETH. From a macro portfolio perspective, this is decisive. I allocate capital where I see the highest probability of asymmetric returns. ETH now offers network growth without corresponding asset upside.