Measuring the current $ETH market based on whether the fundamentals have improved is clearly misplaced. There is no dispute that this round of the bull market is dominated by institutions and the traditional world. The "fundamental issues" that BTC originally had, such as security budgets and quantum computing, which were often discussed before, are hardly visible now because these issues have not affected institutional and external investors' willingness to buy. Mapping this to ETH corresponds to issues like fragmentation and L2 offloading. These problems, like those of BTC, need to be fully discussed and resolved, but using them to judge the current market is clearly misplaced. The key to the current market is not the fundamentals of the CRYPTO world; the narrative in the market during this cycle is not dominant. Instead, it is the micro-strategy flywheel that requires: 1. Continuous financing capability 2. Market confidence building Whether it can run smoothly in markets outside of Bitcoin, whether SBET's aggressive approach is healthy for speeding up the flywheel, whether compliance pressures will arise, and whether it will bring in other institutions. This door has already been opened; do not let it close.