OP down ~97% from ATH. At the top, L2s were priced as a % of ETH market cap – narrative > fundamentals. Now that premium is gone: – Value accrual on L2 tokens is still weak – Users ≠ token holders – Base leaving OP stack didn’t help the story Market is repricing L2s from ETH beta to actual cash flows. Until tokens capture real value, rallies = sell liquidity.