Ethereum's fundamentals remain unconvincing, with a surge in L2s' TVL and bridge hacks reinforcing my skepticism.

Ethereum's fundamentals remain unconvincing, with a surge in L2s' TVL and bridge hacks reinforcing my skepticism. Price pressure and hype resurface, but I remain unconvinced. My short bias intact, I estimate a 95% probability that Ethereum's valuation will not significantly outperform in the near term.

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