It is an undeniable fact that for the past 2 years ETH has been more scarce than BTC. And if you make conservative projections about future Ethereum usage that will remain true.

Over the past 2 years the average annual inflation rate of BTC is 1.352% and the average annual inflation rate of ETH is 0.099%.

21M in 2140 is a simple monetary policy and that is a great thing for BTC. But 1.1M more BTC will be printed over the next 115 years. ETH monetary is more complicated, but the important thing to understand is that it is predictable and supply decreases based on usage.

If usage of stablecoins, RWAs, NFTs, DeFi, prediction markets, gaming, etc continues to increase, there's a world where today's supply of 120.853M is the all time high.