ETH is in a death spiral 📉.

ETH generates $200K/day in "fee revenue"—that's $73M/year 💸.

But this isn’t like a company making $73M in profit or even revenue. It’s not enough to cover the inflation ETH validators face 📉⚠️.

But let’s set that aside and look at ETH’s market cap: $300B 📊.

This “fee income” model can’t justify that number—$3B would be more appropriate, and even that might be generous 🪙🤏.

None of this applies to Bitcoin—it’s money itself, backed by hard proof of work, like gold 🪙🏆.

#ETH🔥🔥🔥🔥 #BlackRockETHOptions $ETH