"Apple’s P/E is 23 and growing. Microsoft’s P/E is 24 and growing. Google’s P/E is 16 and growing.

Ethereum’s “P/E” is 195, and its revenues are shrinking, with protocol revenues near multi-year lows.

The crypto market is still giving ETH simultaneous credit as a monetary asset (relative value to bitcoin), a computing platform (cloud startup multiples), and a yield generator (financial stock thanks to staking). If any of those three narratives cool, it will face headwinds. (Long Bitcoin dominance?)"