The market seems to have completely detached price from fundamentals. If you look at the raw data, the disparity is glaring. Ethereum ecosystem TVL just hit a record $341.5B – making it the absolute hegemon of on-chain liquidity.
Context is everything here. Tron is 4.1x smaller. Solana, despite the hype, is 10.7x smaller. You can combine Base, BSC, and Arbitrum, and they still don't even scratch the surface of Ethereum's liquidity moat.
This divergence between the asset's price and the network's actual utility is getting ridiculous. For those paying attention to market mechanics rather than short-term noise, this looks less like weakness and more like an accumulation window before the gap closes.