ok, apart from the fact that it's quite obvious the market is valuing ETH as store of value asset let me say something about why P/S for ETH is dumb using grade school logic Ethereum is expanding it's blocks - it's scaling As it scales transactions get cheaper until demand catches up and blocks are full again, then scales more This repeats over and over so that "sales" S only go up in temporary periods of time when demand exceeds supply When Ethereum scales S goes down So if you value ETH on P/S alone you are net bearish on Ethereum scaling which is the dumbest possible position to take - not even ETH bears take this position Especially - because as blocks scale and more economic activity uses Ethereum as the root of trust, then ETH the asset increases SoV network effect We have an example of SoV network effect that no one in crypto questions - it's called bitcoin, how is it blowing mind that this phenomenon can happen twice And if you don't believe the SoV thing - and you think btc is the only special snowflake - the only logical exit ramp is for you to conclude that non btc L1 assets should collapse to commodity price - short every blockchain in crypto, maybe ETH and Alt1s are collectively worth a few billion, if that We've been having this debate since John MF Pfeffer wrote the ETH is gas paper in 2018 and since then ETH has delivered 20x so i think you have to say it's invalidated You have two options Either consider the market is right and P/S is missing something important for ETH OR short everything in crypto to zero besides BTC and the apps(RYAN SΞAN ADAMS - rsa.eth 🦄)