David Hoffmann

But that was true a few months ago.

Not to over explain it, but I think it could be like three factors.

Factor one is Tom Lee.

Yeah, you can't.

Just institutional purchasing, the message going out there, like buying it because it's a store of value.

You can't replace Tom Lee.

And that's markedly different.

Okay.

He is stacking up to 5%.

The second thing, I do think that Ryan is right in that we have seen much more builder momentum and clarity around the Ethereum roadmap.

And that is a change.

I haven't seen this much momentum in building in Ethereum.

So much of a sense that, okay, it's getting its shit together since like 2022.

And the third thing I think is people are seeing the L2 roadmap start to come together.

It's not quite there.

There's still the problems exist, but we had this week, Lighter,

overtook hyperliquid in terms of it.

Lighter is a perps L2 in terms of volume, perps volume.

And so people are seeing ZK, people are seeing the L2 roadmaps start to work.

Some of the fragmentation issues have a path to resolution and they're just getting more bullish on the roadmap too.