Maybe I was expecting the wrong thing from ETH

I've been thinking about this more than I'd like to admit.

For a long time I had this pretty simple idea in my head: Ethereum keeps growing, more people use it, more stuff gets built on it, and eventually ETH price reflects all of that.

I'm not as sure about that last part anymore.

That's probably the thing I've struggled with most recently. I can open Ethereum and see an ecosystem that is obviously alive. People are building, stablecoins are everywhere, L2s are doing their thing, DeFi never really went away.

Then I look at ETH itself and sometimes wonder… how much of all that success actually needs to flow back into the asset?

I'm still holding. This isn't a "ETH is dead" post and I'm not trying to convince anyone to sell.

I just think I used to treat "Ethereum will succeed" and "ETH will be an amazing investment" as basically the same statement.

I'm starting to realize they might not be.