ETH utility is a lot stronger than you think

A lot of ETH discussions still get framed too narrowly around gas fees or short term price action. More useful lens is ETH as productive collateral.

It can secure the network, generate staking income, support borrowing, and serve as the base asset for a bunch of onchain strategies. That matters because it makes ETH more than an asset you passively hold. It becomes something you can actively structure around.

Feels like a lot of the market still underprices that part of the story even today