It's the "Ethereum is dead" stage of the cycle again.

This narrative seems to intermittently rear its head (usually when $ETH is experiencing slow price action).

Funnily, just 6 months ago people were saying the same thing about $SOL and the Alt-L1 thesis.

Don't forget that Ethereum still has:

• The largest developer eco
• The largest amount of funding (by far)
• A looming spot ETF (and institutional credibility no other crypto has outside of $BTC)
• The most users, TVL, and transactions (incl. L2s)
• Superior decentralisation and security to most other blockchains
• A strong deflationary mechanism (especially in a bull run when network activity is high)

Fade it at your own peril.. (this is coming from a guy who also owns a bag of SOL and a iety of alt L1/L2 solutions).