Key Takeaways Ethlabs’ Ansgar Dietrichs conceded that ETH lacks a clear value story after five years below $5,000. Cryptoquant says over 32% of ETH supply, about 39.5 million tokens, is staked, setting a fragile trap for short-sellers. A 50% price drop from the cycle peak despite record onchain use leaves ETH’s investment thesis unresolved. A Candid Admission on ETH’s Purpose The concession surfaced on journalist Laura Shin’s Unchained podcast, where Ansgar Dietrichs, a former Ethereum Foundation researcher now with the newly launched research lab Ethlabs, discussed the project’s struggle to articulate what ETH is actually for. Shin commented: “What surprised …