ETH will only capture value if it becomes the preferred collateral across layer 1, layer 2s, and tokenized assets while rollups generate meaningful blob demand and settlement fees.

"In the bull case, ETH becomes the collateral and monetary asset underneath layer 1, layer 2s, tokenized assets, and staking all at once. Climbing ETH collateral share, blob demand, staking demand, and layer-2 settlement fees would show Ethereum's usage finally mapping onto ETH's own value."