A foundational cleavage in Ethereum’s narrative reappeared this week when Bankless co-founder Ryan Sean Adams delivered a stark ultimatum. According to the original report, Adams argued that being bullish on Ethereum but not ETH is a “mental fallacy” and that the entire project should be considered a failure if its native asset does not become a global store of value. The statement isn’t just rhetorical. It forces the market to examine the widening gap between Ethereum’s utility as a settlement layer and ETH’s actual price performance.