I like to revisit my investment thesis for ETH. Ethereum is increasingly behaving like a scarce monetary asset, with inflation close to Bitcoin's. Back in early 2024: > Bitcoin supply growth: ~1.7% > Ethereum: temporarily deflationary Then two important things happened. > Bitcoin's halving reduced its annual issuance to around 0.8%. > Ethereum introduced blobs, significantly reducing transaction costs for L2s but also lowering ETH burns. Today, Ethereum's annual supply inflation is around 0.83%, almost identical to Bitcoin. And among the major networks, BNB is one of the few with an even lower net supply growth rate. Of course, scarcity alone doesn't make an asset a good investment. But I think it's worth remembering that ETH's monetary properties remain interesting, even when the market narrative isn't particularly exciting.