Ethereum is masking a complex supply dynamic right now. With over $120 billion locked in staking and surging Layer 2 activity, it looks bulletproof on the surface. Yet, unpredictable ETF flows and fluctuating network fees mean the actual benefits for everyday holders rely heavily on sustained demand. Scale is impressive, but true value capture comes down to net token consumption and active usage. Watch the underlying burn rate closely before making your next macro move. $ETH #Ethereum #Layer2 #CryptoAnalysis