Since the merger was completed in 2022 and EIP-1559 was introduced, ETH has officially entered a deflationary era (with an annual destruction rate of about 0.5%). This mechanism will significantly amplify scarcity during a bull market—if on-chain Gas fees surge due to increased ecosystem activity, the ETH destruction rate could accelerate to an annualized 3%, surpassing BTC's fixed issuance model. Recent spot ETF applications submitted by institutions like BlackRock and Fidelity are essentially betting on the regulatory prospects of ETH as a 'super-sovereign digital commodity.' Compared to tokens like SOL and XRP, ETH's deflationary characteristics make it more resilient in left-side trading: even if short-term market panic drags it down, its burning mechanism will automatically reduce circulation, accumulating potential for price rebounds. Investors can gradually build positions when the ETH/BTC exchange rate reaches historical lows, capturing the long-term dividends of its 'scarcity revaluation.'