ETH price is now completely outside the range of the Ethereum Foundation. Other organizations will have to step up here because the EF is scaling down — shrinking its ETH holdings, its influence, and the scope of its work. But here's the real question: how can you seriously analyze $ETH tokenomics when the EF is the one pushing hard forks? Ethereum and $ETH are one machine. Forks change the tokenomics. Period. If Ethereum scales successfully and fees drop, fewer $ETH get burned. That's not great for the asset, at least in the short term. That's why the calls from some inside the Ethereum ecosystem for a new fund — one focused purely on $ETH as an asset — are starting to make a lot of sense. We're heading toward a split: one side fights for network users, the other fights for $ETH holders. Right now, the EF only represents the users.