There’s one obvious but rarely discussed reason why I’m so bullish on $ETH as an asset:

It’s the only crypto asset that combines all three of the biggest bull cases into a single token. I don’t see this level of convergence anywhere else in the industry.

In my view, there are three core narratives for L1 assets:

1) Store of Value - $ETH is the only credible alternative to $BTC in this category.

2) Capital Asset – $ETH generates revenue via gas fees, MEV, economic activity. Like the whole conversation about REV and $SOL, it should behave like a tech stock.

3) Digital commodity / money – $ETH is also a transactional asset and consumer good typical for L1s, but unlike others, Ethereum’s level of decentralization and sovereignty makes ETH arguably the only serious candidate here.

What makes $ETH special is that it’s not either/or.

It’s all of these things at once - a store of value, a productive capital asset, and a functional commodity / money - all wrapped in one ecosystem and one asset.

That’s what makes Ethereum truly unique compared to $BTC, $SOL, or anything else out there.

And that’s why I believe $ETH is destined to become the institutional darling of this cycle - on its way to becoming a 5-digit coin.