The structure improved, but sentiment hasn’t.

The fundamentals don’t match the token price.

HYPE surged, Story delayed, and supply fear met demand.

The valuation may have cushioned the sell-off.

With network dominance at record levels, the price contrast is unusual.

Real trading activity is doing what sentiment couldn’t.

Rising costs are hurting miners now.

ETH weakness and a 39 altseason index slow the narrative.

The denial hasn’t done much to ease market nerves.

Ether may be hurting, but the founder is thinking years ahead.

Bitcoin’s drop was only a small part of the story.

A story of digital assets, treasuries and the new dollar export model.