Ethereum is repricing to its core demand vector as a gas token. Thunk about how much gas fee you have consumed in your entire time in this market, and compare it to your ATH holdings of that same token. Even for folks who have barely dabbled in crypto, you likely held 10x to 100x your actual gas demand. The concept that gas demand means high token price and market cap is wildly misguided. This is also not unique to ethereum btw, all smart contract L1s have this problem. No monetary premium, no bueno, and Bitcoin is the apex predator of monetary premium. It's already won that war in the digital realm. BTC Dominance ☝️