Blockspace demand/supply graph, the current situation and what's happening (S*) 

What should happen: the industry must pivot completely to demand-side, instead of continuing to be all-in on the supply side

The blockchain investor perspective in 2025 is like the Internet investor perspective in 2001: wishing that supply was constrained to fix the short-term price. But builders are actually seeing the opposite: the real threat is that we're already running out of data availability on L1.  See how we're been maxing out blob space: https://dune.com/queries/3757544/6319515

This might make investors happy temporarily (ETH go up), but then L2s will be forced to look at alt DA. Thankfully L1 upgrades are increasing blob space starting with Pectra in a month. Maybe bad for short-term investments but it's long-term bullish: building a strong ecosystem at a time when regulatory headwinds have finally turned and all of tradfi is starting to build.