I converted most of my eth to btc a couple of months ago, big mistake, eth outperformed btc
A lot of Eth is locked in staking for eth 2.0 or staking in defi ecosystem and even in cefi for yield or used as collateral for loans
I was looking at the aave platform a couple of weeks ago and was confused why there's over $2B worth of eth deposited there for very low yield of less than 1% APY and after thinking it through, I'm pretty sure the reason is to deposit eth for collateral to borrow a different crypto asset, i.e. stable coin
Even though eth is not a core holding in my portfolio, I'm very happy that it's going up and getting a lot of interest from the investor community, i.e. wall street
I think of Ethereum as the L1 financial system for most of the cryptos ecosystem facilitating the onramp and distribution of fiat-denominated values throughout, by means of stable coins and other erc-20 tokens, plus erc-721 tokens for NFT's
Ethereum is like the cardiovascular system of all cryptos, imho