ethereum's L2 scaling strategy worked perfectly and that's exactly the problem. base is processing record volume, arbitrum and optimism at ATH activity, users never touch mainnet. L2s batch-settle for pennies. burns collapsed. ETH/BTC at yearly lows the same week blackrock and jpmorgan launch tokenized products on ethereum. harvard dumped their entire $86.8m ETH position. gamma fund took a 10% gain on 11,215 ETH and left. tokenized treasuries create USDC demand not ETH demand. the world computer became expensive settlement infrastructure that its own users actively avoid. 9 years in and the value accrual model just got disproven by ethereum's own success story