Look, I get it. Everyone’s losing their minds over SBET trading at premium to the NAV while the same folks were bull-posting when Metaplanet was running hot at 6-7x and nobody batted an eye. The market’s got its head screwed on backwards sometimes. ETH isn’t just sitting there like digital gold. This thing’s got legs. While Bitcoin’s playing store of value, ETH is out there grinding in DeFi, generating actual yield. You can stake it, restake it, throw it into liquidity pools – it’s like having a rental property that also appreciates. Your staked ETH isn’t just securing the main chain anymore – it’s securing other protocols, earning extra yield. Bitcoin maxis love to talk scarcity, but ETH’s actually burning supply when demand rises. Every transaction, every smart contract execution – poof, more ETH gone forever. With zkEVM Linea as L2, it will share more profits to L1, which benefits ETH holders (and helps SBET). SBET’s sitting at the intersection of institutional tokenization, ETH’s higher volatility, its adoption in TradFi, and its deeply rooted DeFi activities. If the thesis is that traditional finance will get more efficient over time, you can’t achieve that efficiency without ETH. It’s the digital oil, and everyone will require it to do their work. All the shit talkers throwing a tantrum over NAV are missing the forest for the trees. This isn’t about today’s multiple – it’s about positioning for tomorrow’s financial architecture. When MSTR started buying Bitcoin, it was bullied and roasted. Now all the companies and governments are hoarding it. Similarly, all BTC maxis hating on ETH will soon realize that BTC alone cannot help run real-world applications. You need a computer (smart contracts) attached to the blockchain. Think bigger picture and digest the volatility. Enough of the rant. Back to charts.