With Bitcoin consolidating around $73.8k, Ethereum continues to lag at $2,060. The issue is structural rather than purely sentiment-driven. Layer-2 networks are absorbing the vast majority of retail transaction volume, keeping user fees negligible but gutting mainnet burn metrics.

Momentum has clearly shifted to rollups for daily active use. Until Ethereum captures real settlement value from these scaling solutions, mainnet spot demand will remain sluggish. Trade the L2 ecosystem expansion, but respect the L1 baseline support.

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