I agree with most of David’s points here. ETH remains one of the most important assets and infrastructures in Web3. But I don’t think ETH needs to be “revalued” into a gold-like monetary premium asset. Regulatory clarity, institutional adoption, DeFi, RWA, stablecoins and L2s can all be positive for Ethereum — but ETH’s valuation still needs to come back to value capture, network revenue, collateral demand, settlement demand, and real usage. For context, I also sold all my ETH — not because I think Ethereum is irrelevant, but because I don’t see the current case for a structural re-rating of ETH as an asset. ETH does not need to be "as good as gold” to be valuable. It can be valuable enough as core on-chain financial infrastructure. I wrote more on this here: