It does, but Bitcoin's transaction fees are just paid to the miners. On Ethereum they are mostly destroyed. Combined with the lower issuance of proof-of-stake,

It does, but Bitcoin's transaction fees are just paid to the miners. On Ethereum they are mostly destroyed. Combined with the lower issuance of proof-of-stake, this means that the supply of ETH sometimes actually shrinks. That makes ETH is comparable to shares of a company, where fees are revenue, new issuance to stakers is cost, and any net profit is paid out to ETH holders in the form of stock buybacks. You can calculate a PE ratio.