After The Merge, base fee burns at current gas prices would be larger than the new staking rewards issuance, making the system deflationary and represent the peak in Ethereum supply.The inherent energy efficiency of the proof-of-stake consensus is appreciated by ESG activists in the digital asset space, favored in Europe, and has growing support in Washington.Once The Merge settles and the cleanup upgrade is live, the amount of staked ETH may double or triple and approach $100 billion in value.The discount to NAV of the Grayscale Ethereum Trust likely narrows if Grayscale is allowed to convert their Bitcoin Trust to an ETF.