Ethereum's inflation rate is actually lower than Bitcoin's, even at a gas fee of 0.1 gwei.

Now think about what happens when a real on-chain boom kicks off—especially in the context of the US promoting more on-chain market activity. This will lead to a huge surge in demand for L1 block space.

Each cycle validates the same logic: the underlying infrastructure is the real winner. As the primary L1 settlement layer, Ethereum's position is becoming increasingly solidified. In the long run, the endgame of this story is quite clear.