ETH is missing something to really pump: Ethereum needs to connect the institutional adoption story with ETH the asset to really BOOM. Right now the dominant narrative is commoditization of infra: blockspace and DA are becoming abundant and cheap. So adoption grows but the burn doesn't grow with it. And as adoption increases, ETH as gas gets abstracted away too. I believe the strongest story is ETH becoming a security asset for institutions around the world. If assets are not just wrappers of tradfi assets but NATIVELY issued on Ethereum, Ethereum's security becomes a national security issue. Countries and financial giants wouldn't trust retail stakers or a few dominant LSTs like Lido to secure trillions in assets. They'd want to stake and process txs themselves. Perhaps even sanctioned countries would stake just to not be excluded from blockspace. And this doesn't strictly need native issuance, because at some scale of RWAs a reorg or an attack already becomes too expensive to leave to someone else. The burn ties ETH demand to fees, which are collapsing. Staking ties ETH demand to the value being secured, which is growing!!! Native issuance of assets plus ETH as a necessity asset for institutional staking is the sexy story that could pump ETH to $100k.(Ignas)