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.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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