The $250K number is $31T in gold/BTC monetary premium divided by 121M ETH supply — arithmetic, not thesis. Post-Dencun blob pricing gutted the burn: ETH has run net-inflationary across most of 2025 while the "productive money" deck keeps pushing. Lido holds ~28% of staked ETH and Coinbase another ~8%, so the bearer-asset argument routes through two LSTs and a handful of custodians in practice.

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