Ethereum Foundation announces a new structure, cutting roughly 20% of its workforce.

At the same time, EF’s ETH holdings have dropped to around $209M — near a 6-year low.
The last time it was lower: October 2020.

A leaner EF.
A clearer roadmap.
A market still debating what ETH is really worth.

Short-term, the treasury signal is hard to ignore.
Long-term, still bullish on Ethereum?