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BTC ≠ ETH — Crypto Valuation Is Splitting Into Two Tracks The market is starting to ask a better question: Where does the value actually come from? For ETH and DeFi, the answer increasingly comes from fees, revenue, and real on-chain activity. That creates a framework where cash flow can help investors value protocols. But BTC plays a different game. Bitcoin has no protocol revenue, no dividends, and no traditional cash flow. Its valuation is driven more by: • Scarcity • Spot ETF flows • Institutional allocation • Interest rates & liquidity • The digital-gold / store-of-value narrative That’s why BTC shouldn’t be forced into the same valuation model as Ethereum or DeFi. As global debt keeps expanding, BTC’s value proposition may become even more relevant—not because it generates cash flow, but because it exists outside traditional counterparty credit. Crypto may be moving toward revenue-based valuation, but BTC remains a scarcity-based asset. Two assets. Two valuation models. #BTC #ETH $BTC $ETH $SNDK