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THREE WAYS THE MARKET VALUES THEM $BTC is valued through scarcity, liquidity, and its potential role as a crypto reserve asset. Institutional flows matter. $ETH is valued through on-chain activity: stablecoins, DeFi, fees, and ecosystem capital. $SOL carries a growth narrative: users, transactions, applications, and liquidity must expand to support higher valuations. Same market, different frameworks. Price is the outcome; capital flows and real activity require confirmation.