How's that ''ETH is a security'' narrative going? 
Well the narrative remains the same (and we are of course seeing that played out in how Eth is being valued by the market in comparison to both BTC and newer "alts").
If something looks like shit, and smells like shit... well it probably is shit. And no matter what you call it, of how you serve it, or what you wrap it up in, eventually the market figures out that it still is just shit.
Now, applying this concept to ETH, I think its almost unanimous that ETC has failed in its "the new Bitcoin", "its a better store of value than Bitcoin", etc narrative that once drove investment into it. As Eth's issuance schedule was repeatedly changed, and as it moved from POW to POS, and as more people became aware of the key man risk of Vitalik, and the control of the "Eth foundation", the fact that Eth's characteristics can be changed as the whim of a single person, the massive pre-mining issuance, involvement of Vitalik's mother running Eth related scams, etc, it became extremely obvious to all that Eth is not, and does not in any way function as a commodity in the way BTC does.
As I have explained many times before, Eth has all the qualities of a security. Now that itself does not make it inherently "bad" but the problem that investors are now realizing with such characteristics you need to value Eth as you would any other company. And that in turn is why its value is slowly bleeding both into BTC (which is continuing to function beautifully as a true commodity), and into the other infinite number of alternative "crypto securities".
Did I expect ETH to be approved for an ETF? No. And should it have been approved under an application of existing US securities laws? No. But for whatever reason, the SEC gave up the fight to enforce the law. But either way, does the ETF wrapper change its fundamental characteristics? No, of course not. And this is why we are now seeing this constant decline in its value and desirability.
So, to answer your question, that's how the narrative is going..
Oh - and by the way,
Eth now down over 30% to BTC over the last year, which even to a die-hard Eth fanboy, should make this all quite clear, especially given Eth's much smaller market cap compared to Eth, Eth's younger age, Eth's ETF approval, and ETH's supposedly"better technology"...
