According to @milesdeutscher, ETH is repricing higher on two pillars: programmatic scarcity and institutional validation. Programmatic scarcity is anchored by EIP-1559 fee burning and the post-Merge issuance reduction that structurally tighten net ETH supply, according to the Ethereum Foundation. Institutional validation accelerated after the U.S. SEC approved spot ETH ETFs in 2024, expanding regulated access for institutions, according to the U.S. Securities and Exchange Commission. Trading focus centers on tracking ETH burn and net issuance metrics published by the Ethereum Foundation and ETF creation or redemption data disclosed by fund issuers to gauge flow-driven price momentum, according to these sources.