sums it up very well imo
ETH debates will always just go in circles bc it comes down to 1 squishy question - can ETH compete vs BTC as money?
yes = long-term investment is clear
no = tough to justify anything beyond short-term trade at $500bn val
price will be the only test
A few hot takes on ETH:
1. Suspicious of the accounts who bull-posted ETH daily during an 80% ETHBTC bleed and are now doing victory laps after a 20% retrace. That’s not good trading.
2. If you bought the lows on ETH recently, congrats - that is good trading.
3. ETH market cap is too high for a long-term ETHBTC investment thesis, but the DC narrative tailwinds make it a solid short-term trade.
4. There’s a ton to be bullish about with Base, but no natural reflexivity back to mainnet ETH holders - unclear how to value that.
5. ETHBTC chart looks phenomenal - just broke a four-year downtrend. Can’t be ignored.
6. Institutional infra building on ETH is finally gaining real momentum. Feeds the short term narrative but it’s not good enough to set it and forget it for the long haul.
7. Solana still feels like it’s still in the thick of a memecoin meta, which helps ETH.
8. ETH and SOL share a large portion of the same investor base - capital just sloshing between narratives and ETH has the better one (for now…)
SOL is getting into similar territory which is why it has more difficulty here $100bn+
it takes a lot of future cashflows to justify high upside based on intrinsic valuation + it takes a lot of $ to move an asset that size
@Leo_Glisic I think the biggest general purpose platforms will generate meaningful cashflows, but generating enough to provide high upside on an already $500bn asset is just really hard
@Leo_Glisic You’d need hundreds of billions of revenue per year to support a multi trillion asset long term on cashflows alone, I just do not see any realistic path to that for an easily replaceable general infra layer especially if multichain / doesn’t offer interop
33.97K
85
The content on this page is provided by third parties. Unless otherwise stated, OKX TR is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX TR. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX TR is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.