Post #2248

ETH Q1 looks bad on paper. -32.8% QoQ, but March closed green (+1.3%). That resilience hides what really happened: • $5.4B liquidations nuked leverage • L2s ate fees → burn collapsed → inflation back • Macro flipped risk-off (oil, gold > crypto) Meanwhile, activity has reached ATH. So price ↓, usage ↑. ETH is stuck between two regimes: Short term → macro liquidity + broken fee model Long term → still the settlement layer everyone builds on Disconnect like this doesn’t last forever.