ETH potential to pump is capped by its failure to be accepted as SoV. To buy and hold ETH now you need to believe in its ability to become a store of value asset. Yes, ETH can run to 10k with no fundamental change, but the current narrative of tokenization and RWAs is not enough to push it much higher without the SoV premium. This narrative can even backfire as new chains ALREADY compete for RWAs and stablecoin adoption with better features like privacy, speed, and low fees. Yet none of them have the potential to be SoV the way ETH does. Alt L1s will not be neutral or decentralized like Ethereum. Some already treat ETH as SoV, mostly hardcore DeFi users who use it as yield-bearing collateral. But ETH needs to push into BTC territory to be accepted by passive institutional and retail holders as well. It has potential because ETH : - has native yield and - smart contract utility for usage within DeFi. I believe the missing piece is deflationary supply. If Ethereum can burn more ETH than it issues, then ETH becomes the superior SoV to BTC, which has long term security issues from shrinking miner subsidies and weak fee revenue. The Ultrasound Money 1.0 narrative is dormant. But not dead. So if you buy and hold ETH now, you should believe that Ethereum will find a way to tax the L2s and adoption will grow enough to burn supply. As Ray Dalio said on BTC, money must be both a medium of exchange and a storehold of wealth. The latter is more important.(Ignas | DeFi)