Inflation is the main reason why I have a constant bearish opinion on bitcoin. At the current market cap of more than Us$2 trillion, the current inflation rate at 0.8% means it needs an annual inflow of US$ 16 billion just to keep price parity!
You can argue that ETH is in the same boat but the key difference is I get to stake my ETH to keep up with inflation while bitcoin miners suffer from high operating and capital expenses.