According to a November 8 post on X, Ethereum co-founder Vitalik Buterin argued the token should be judged as a store of value rather than as a deflationary asset backed by fee burns. He stated that maximizing security, privacy, and censorship resistance—not transaction fee revenue—should anchor ETH's long-term value case.

Buterin's position reflects a structural shift in Ethereum's economics. On-chain data shows approximately 19,200 ETH burned across 2026 through early November, compared to roughly 1.48 million ETH burned in 2022—a decline of nearly two orders of magnitude as transaction activity migrated to Layer 2 rollups. The ETH/BTC ratio fell 5.96% from October 10 to November 9, reflecting persistent underperformance against Bitcoin.

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