You look at Ethereum, let’s not talk about those old sayings like "digital oil" and "world computer".
**The day the ETF was approved, the whole network shouted, "Institutional bull is here." And then?**
Grayscale sold for half a year, selling until the address was nearly bottomed out. BlackRock's little holdings haven't moved in three months. Where's the hundred billion dollars in allocation you were waiting for? Isn’t it nice to buy US Treasuries for 4.5%? Why should they pick up an asset whose income has been declining for two years?
**The L2 story has been told for two years, and the result is that mainnet revenue has dropped by 90%.**
Arbitrum, Base, OP, daily active users are dozens of times that of Ethereum mainnet, and revenue is hundreds of times that of the mainnet. They pay that little DA fee to the mainnet, accounting for less than 5% of their total revenue.
In the past, Ethereum was raising a son; now the son is eating meat, while the father is beside him drinking soup, even praising the son for having a good appetite.
**Have you ever seen a father being this humble?**
**Developers are also leaving.**
In 2021, six out of ten new projects chose Ethereum as their first choice, now there are less than three. Base, Solana, Sui, Berachain—Builders aren’t stupid; they know where the users are, where they can make money, and where the popularity is. They are clearer than you.
**The community is also tired.**
In the past, upgrades would trigger FOMO three months in advance, with the whole network buzzing about EIP. Now Pectra? Do you remember what Pectra is?
It’s not that the technology is lacking; it’s that everyone really can’t get excited anymore.
An asset has been standing on the stage for eight years; everyone respects it, but no one wants to stay up for it anymore.
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**If you’re not shorting now, what are you waiting for?**
Waiting for the market cap percentage to drop to single digits?
Waiting for Solana’s market cap to truly surpass Ethereum?
Waiting for that guy you went all in on in 2021 to finally cut losses at the break-even line?
**The line has been drawn for half a year.**
**Whether to place a short order or not, whether to let others make money, you decide yourself.**
Don’t wait until it breaks down, and then leave three words in the comments:
**"Can I still short?"**
#ETH #ShortEthereum #L2Bleeding #NarrativeAging
#DeveloperExodus #ETFBelowExpectations