ETH's moat has never been about being used as money, but about becoming the settlement layer for the entire on-chain economy. Institutions want compliant custody, not price volatility. I stand with the author on this logic.

The author believes Ethereum is undervalued because its core value lies in its programmable settlement network and real-world applications, rather than in becoming a currency. Institutional funds will drive the market, with the timeline arriving earlier than the price: only after stability, custody, and compliance are improved will large-scale capital move in. The team delivers settlement capabilities via Ethereum and, together with computing power, forms financial infrastructure. Based on on-chain transaction volume, high staking gross profit (about 94.7% in Q1), and growth in institutional trading, he increased his ETH holdings and plans to hold long term, emphasizing that its value is in supporting the ecosystem and settlement functions rather than becoming a global reserve currency.