It turns out that the average .ETH holder has stronger conviction than some of the biggest names in the space. Now we have a clear picture of who's selling. Not Vitalik. Not the Ethereum Foundation. It's early investors who lost faith in the broader crypto narrative, opportunists who never believed in the first place, and over-leveraged believers forced to deleverage. And honestly, I can't blame someone for lacking deep conviction in Ethereum when other crypto projects have outperformed, and worse, when markets like AI have completely crushed the entire crypto sector. There's a disconnect between crypto's core story and the industry's reality. A big piece is still missing, and everyone quietly feels it, even if they can't articulate it. The final form of crypto hasn't been reached yet. Absolute digital scarcity isn't it. Programmability isn't it. Scalability isn't it. More sophisticated DeFi isn't it. And privacy isn't it. Each of these is a real step forward, and the work behind them is critical. But none alone is enough. Each sparked a new wave of speculation and hope of crossing the chasm to mass adoption. Each failed to deliver. Privacy will fail too. Most mainstream users and institutions in regulated economies will never embrace a system where a typo can lose funds forever, where scams and hacks drain accounts permanently, and where no one answers when something goes wrong. Until that's fixed, mass adoption won't happen. The good news is a solution exists. The final puzzle piece is achievable, but it will require an honest reframing of what decentralization can do for the future of money and finance, and what it will never do. I remain bullish on Ethereum because, despite all the noise, it is still the best-positioned network and framework to become the new foundation for finance. And that will be essential. That view will pave the way for ETH to accumulate monetary value. The same network properties that make Ethereum a financial...