WHY YOUR COIN ISN'T PUMPING

Summary from the TLDR Crypto newsletter

Crypto prices remain depressed despite ETF launches and institutional adoption because blockchains trade at software multiples on casino revenue, with Ethereum at 200-400x price-to-sales on $1-2 billion in cyclical fees versus Nvidia's 40-45x price-to-earnings with recurring contracts. The industry deployed over $100 billion into infrastructure, while the entire crypto ecosystem serves roughly 40 million active users, compared to OpenAI's rumored $1 trillion IPO valuation serving 20x more users. Ethereum faces structural value leakage as L2s capture fees while the base layer carries security costs, creating a federal government collecting only state-level tax revenues, with most blockchain revenue tied to perpetuals, memecoins, and MEV spikes rather than stable enterprise cash flows.