REF: $ETH market dynamics and PA recently.

Everyone always hated ETH because it was the number 1 SC platform.

ETH made pretty much all other alt L1s irrelevant - and that made crypto boring and with no opportunity to make money.

ETH can then become 'just another L1 sc platform' - then it will just quietly keep building and progressing.

ETH getting smashed also clears out the 'ETH is money + flippening crowd'

Basically, for the first time in a long ETH has competition and competition is good - and ultimately, I think ETH will compete and ultimately succeed.

But crucially, I think $ETH will compete and succeed against other SC platforms.

I think the days of $ETH competing against $BTC has gone, completely.

There is no debate around that anymore.

I also think that's why ETH price has dropped so much, essentially it's now pricing in a loss of the sound money argument. It's being repriced as simply an L1 SC platform and therefore it's MC really is just adjusting to their levels of average MC vs BTC's levels of MC as digital gold and money.

TL:DR price reduction is just a massive re-pricing event after definitively losing the sound money thesis following L2 proliferation + blobs introduction.