Ethereum set a new milestone last month: 1.8M daily transactions, a 1-year high. At the same time, nearly 30% of $ETH supply is locked in staking, showing conviction from long-term holders. Instead of rotating out, capital is doubling down on yield + security. Layer in the SEC’s guidance on liquid staking that was read by many as a step toward an ETH ETF with staking built-in… and the narrative shifts. Also the Bitcoin’s dominance dlipping from 60% to 57% in August can’t be ignored. Will these on-chain fundamentals finally force the market to reprice ETH’s role against BTC?