@fannybarnard
Bitcoin’s bull case is increasingly macro—digital gold, programmatic scarcity post-halving, and institutional access via spot ETFs. Ethereum’s engine is endogenous: demand for blockspace from DeFi, L2 settlement, RWAs, and activity that requires ETH for gas and security. Staking reduces liquid float and introduces a native “yield,” aligning long-term holders with network health. Road-map upgrades target throughput and cost, improving user experience across L2s while preserving credible neutrality. Whereas BTC’s narrative leans on store-of-value and balance-sheet adoption, ETH’s narrative couples cash-flow-like utility with platform effects: developers, composability, and fee burn that can offset issuance. Consequently, ETH reacts more to on-chain activity, L2 traction, and regulatory steps around an ETH ETF; BTC reacts more to macro liquidity, risk premia, and reserve-asset flows.
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