You are missing a few concepts here. The "work" required to get Bitcoin is also what gives it its value and rareness (whilst at the same time protecting the network". This is one of the most important features of Bitcoin. BTC can't just be created out of thin air, like ETH was, and like is the case with almost all alts. Imagine if I invented a new form of plastic diamond or gold, which I promoted as being "better" because it takes less energy to create than BTC. Or a cheap chinese watch vs a Patek Philippe.
There will ALWAYS be alts which are created and promoted as being "better" than Bitcoin. Eth being one of the first that tried to benefit from promoting an affinity to BTC, and an infinite number thereafter. Once you understand that, (and once you accept that the market will also understand that, regardless of your personal feelings), you will understand why it makes sense for all of us to agree on a single universal store of value (being Bitcoin), and why over the long term, all alts will be diluted to infinity...vs BTC.
And this is why you will see the trend of ETH declining in value to BTC (now down 30% over the year) gradually continue. (Same thing will happen to Solana over time, and to any other "alt" which is the latest "next best thing"...
Ethereum was mined initially and after the switch to POS validators have to validate transactions and ETH is then minted as a reward for the work the validators performed. Some say Ethereum was pre-mined. Well, just so you know, for the first 6 months the BTC hash rate was around 6 MH/s. Meaning Satoshi was about the only one mining BTC, and Satoshi was able to mine 1 million BTC. That is basically pre-mining. Nobody else mined BTC in the beginning. 6 Mh/s is nothing. An RTX 3090 could hash over 120 MH/s. Even an ATI RX580 could mine over 32 MH/s. That's one GPU exceeding the entire BTC network hashrate in 2009 by more than a factor of 5-20 or more!
Bitcoin mining is a dead end long term. It is centralized and unprofitable and this will be amplified during future halving events. 4 entities are already mining more than 50% of the new monthly BTC supply:
MARA, CLSK, CORZ and RIOT. In July these 4 mined 1,778 BTC. The total mined worldwide was 3,217 BTC.
1,778 / 3,217 = 55.26%
BlackRock and Vanguard have significant stakes in MARA.
https://farside.co.uk/miners/Ethereum Spot ETF inflows so far total $1,890 billion. This is the total amount accumulated by the 8 Spot ETH ETF products. The Grayscale ETHE outflows have been $2,296 billion as was expected. The same outflows happened with Bitcoin. The fact that the other 8 managed to accumulate close to $2 billion in 2 weeks is very telling. This means there is a significant demand for Spot ETH ETFs. Bitwise speculated that about $15 billion would flow into the Spot ETF funds in the first 18 months. I would say this could be possible considering how much volume we've seen in 2 weeks.
https://farside.co.uk/eth/https://farside.co.uk/btc/The current total Spot BTC ETFs inflows are $17.341 billion, after subtracting Grayscale's (GBTC) $19.451 billion outflows. But these products have been offered since January, or more than 7 months. The BTC ETFs inflows could total $50 billion in the first 18 months.
BTC Spot ETF inflows +/- 28 weeks = $36.792 billion
ETH Spot ETF inflows 2 weeks = $1.890 billion
28 weeks / 2 weeks = 14
$1,890 x 14 = $26.460 billionThat's of course assuming the current rate of accumulation continues. If the price of ETH picks up it could accelerate. We'll see. The numbers are not looking too bad. ETHE is still bleeding. Even GBTC is still bleeding. Friday's GBTC outflow was $77 million.
