Ethereum is scaling as per its roadmap, with Layer 2 expected to have ETFs trading this summer. Now is a good time to be bullish on Ethereum. This week's report provides a data-driven portfolio construction framework with an in-depth analysis of L2 data versus Ethereum. Data shows that the top 12 L2s together account for 15% of Ethereum's daily locked value, with Arbitrum in first place. Currently, the number of daily active addresses for the top L2s is 4.7 times that of Ethereum. However, the L2 portfolio only accounts for 2% of Ethereum's current token holders. After an in-depth study of the utility and demand for ETH tokens versus L2 tokens, the report argues that ETH has rich utility in the Ethereum ecosystem and is more practical than any other asset in cryptocurrency today. While L2 tokens are currently used primarily for governance, their practicality is almost zero. The report concludes that an investment in Ethereum L2 is essentially an investment in ETH, so it is recommended that investors keep at least 50% of their Ethereum investment in their portfolios in ETH.