After Ethereum transitioned to POS, even with the EIP-1559 burn mechanism, around 900,000 to 1,060,000 ETH are still mined annually. If we assume each ETH is worth $1,800 and miners cash out all the ETH they mine, that means $1,800 * 1,000,000 = $18 billion is drained from the Ethereum network every year (with almost no sunk costs). In other words, the Ethereum network loses $18 billion annually, while all the projects running on Ethereum combined can't even generate $18 billion in profit. So, ETH can only drop in value—dropping below $600 might be the only way it holds any value. Otherwise, all the projects on Ethereum are just bleeding out for the so-called miners!