ETH Q1 looks bad on paper.

-32.8% QoQ, but March closed green (+1.3%).

That resilience hides what really happened:

• $5.4B liquidations nuked leverage
• L2s ate fees → burn collapsed → inflation back
• Macro flipped risk-off (oil, gold > crypto)

Meanwhile, activity has reached ATH.

So price ↓, usage ↑.

ETH is stuck between two regimes:

Short term → macro liquidity + broken fee model

Long term → still the settlement layer everyone builds on

Disconnect like this doesn’t last forever.
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〽️ Crypto Pulse 👉 @degendaoinfo #crypto