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Michael Saylor says Ethereum is not money, ETH collapse talk resurfaces

Michael Saylor again questioned Ethereum’s competitiveness, arguing that rival networks such as Solana, BNB Chain, Sui and Layer 2s are weakening confidence. He said usefulness, not narrative, determines ecosystem success, as ETH has traded below key moving averages and slipped toward $1,600. The article says market participants do not see a full confidence breakdown, citing continued institutional expansion, the deepest smart-contract ecosystem and concentrated DeFi liquidity. It also notes Saylor’s earlier skepticism about spot ETH ETFs.