GM, $ETH will outperform bitcoin:native this cycle, imo. Why? [1] ETH has yield bitcoin:native gives exposure. $ETH gives exposure + staking yield, which makes it more attractive for institutional capital. [2] Wall Street is moving onchain Stablecoins, tokenized Treasuries and RWAs are growing fast, while Ethereum remains one of the main settlement layers for these assets. [3] Supply is getting tighter ~34% of ETH supply is already staked, while ETF demand, institutional accumulation and EIP-1559 continue reducing liquid supply. [4] Ethereum keeps improving Glamsterdam and the next upgrades are focused on higher L1 throughput, better block building and more capacity for onchain activity. [5] ETH still has more room to re-rate BTC already has a mature institutional narrative, while ETH is only starting to get priced as a yield-bearing asset and financial settlement layer. That’s why I still think $ETH has better upside vs bitcoin:native from here, and I’m still holding my ETH bag.