Before June, ETH was near 2Y lows when it dipped, reaching as low as ~1300. In retrospect, that was a terrific time to buy, yet the feed (as always) heralded the doom of Ethereum even declaring it dead/expendable, to be eaten by L2s and cheaper blockchains. I reasoned, those commentaries were misleading, to say the least.
Ethereum will not just dissapear, given the amount of $ETH stacked by major institutions.
The "fundamentals" were still the same.
Network adoption is not only about price. A cheaper network still have to compete with presence and robustness (infrastruture built on top of the L1 that is not available elsewhere).
Besides, why traders cannot conceive multiple projects can coexist.
Market share, will become even less concentrated in ETH, $SOL if better alternatives appear and projects do migrate. Until then, competition does not threaten the supremacy of major coins.
Ethereum still represents the largest volume for transactions involving Digital Assets (TOKENIZED RWA, NFTs).
Considering all that, I am fortunate to have formed my own opinion and acted on it.
Holdings are hedged, and porfolios rebalanced.
Now the most pertinent thing to do is to become defensive. Low interest rate environment and heightened risk appetite together are the recipe of crashes.
STAY ALERT.
