Ethereum spot ETF may be approved. Then the question becomes interesting. Currently, Ethereum has 100 million in circulation and is still being destroyed. Of course, the issuance volume will continue to increase in the bear market, but the increase is the annualized APY increase of more than 3% but less than 4%, minus the total of all handling fees (including handling fees and EIP1599 destruction).

Let's open our minds. If Ethereum really reaches one-tenth of the price of Bitcoin, even if the current Bitcoin price remains unchanged. Now that the TVL on L2 is so huge, as long as the price of Ethereum starts to rise, the LP on L2 will instantly pull up the assets of L2 and the entire Ethereum ecosystem.

This is one of the reasons why TVL is important, and this is why many projects do TVL. Many projects do not do TVL, and all rely on the personal charm of the founders to pull the market, such as WLD, DOT, ADA, Dogecoin (Musk), such coins can only explode together when Bitcoin explodes. The coins in the Ethereum ecosystem rely on the explosion of Ethereum itself and TVL.

So you can pay attention to those L2 projects with very high TVL, but you have to remove the coins with very high FDV and very low circulation rate.

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