Bitwise CEO: Those who hate Ethereum will eventually discover that the Joker is themselves
According to The Block, Bitwise Chief Investment Officer Matt Hougan stated in a memo sent to clients on Tuesday that "no one likes Ethereum" in the current market because the ETH/BTC exchange rate has recently fallen below a three-year low. However, Matt Hougan believes that this actually provides a potential contrarian investment opportunity for the end of the year.
No one likes Ethereum
Despite the poor performance of the overall cryptocurrency market in the past six months, Bitcoin still rose 42% in 2024, Solana rose 27%, and Ethereum only rose 1% in comparison. Matt Hougan stated that the sentiment of the Ethereum community is very low, and the main issues causing this situation include the risk of the US election, intensified competition from Solana, token economy challenges, and poor performance of spot ETFs.
Although the United States approved an Ethereum spot ETF in July, Matt Hougan pointed out that the US Securities and Exchange Commission (SEC) still considers staking Ethereum as a security. If He Jinli wins the November election and continues the Biden administration's skepticism towards cryptocurrencies, Matt Hougan believes that Ethereum may continue to face regulatory challenges.
In addition, the performance of Ethereum spot ETFs, including Bitwise's ETHW fund, has also fallen short of expectations. The newly launched fund attracted a net inflow of $2.1 billion, but the Grayscale ETF (ETHE) experienced a net outflow of $2.8 billion, indicating that overall funds are still flowing out.
Matt Hougan also pointed out that the rise of emerging public chains such as Solana has made competition even more intense:
Nowadays, the bullish sentiment towards new chains such as Solana is very popular in the cryptocurrency circle, while the bearish sentiment towards Ethereum is gradually increasing due to the older technology and higher cost
Finally, Matt Hougan emphasized that Ethereum is focused on driving the growth of transaction volume on the Layer 2 network, which has led to the lowest revenue for the underlying chain in four years. Many people have also begun to question whether Ethereum has harmed the development of its underlying Layer 1 by excessively promoting the expansion of Layer 2.
Investment opportunities against the trend
Although these challenges have affected market sentiment and prices, Matt Hougan believes they have overlooked a very important point.
It's cool to hate Ethereum now. I bet it will eventually look foolish
Although both Ethereum and Solana are attempting to become "public computers" for decentralized applications, almost all of the applications that have truly achieved "breakthrough success" are dominated by Ethereum, have the most active developers and users, over half of stablecoins are issued on Ethereum, over 60% of DeFi assets are locked onto Ethereum, and Ethereum is still the preferred settlement layer for prediction platform Polymarket. In addition, BlackRock's on chain US bond funds with asset management scale exceeding $500 million and Nike's NFT platform are also based on Ethereum, and these achievements are difficult to ignore.
Matt Hougan said:
Ethereum is like Microsoft in the memory blockchain industry. Everyone is talking about Google, Slack, and Zoom, which makes sense because they bring transformative technologies. But Microsoft's scale still exceeds their total
Although he is not bearish on Solana or other emerging chains, Matt Hougan believes that too many people have overlooked the tremendous success that Ethereum has already achieved.
The challenges of Ethereum are not fatal, but its opportunities are full of potential. I believe that as we approach the November election and the clarity of relevant regulatory policies, the market may re evaluate Ethereum. From the current perspective, Ethereum looks like a potential contrarian investment opportunity before the end of the year, "he concluded.
(责任编辑:风向标)
-
第四,要对商业变现有深入思考。...[详细]
-
他们的计算公式一样,存在差异化的密度因素是因为抓取后的关键词数据不同。...[详细]
-
这时,您的网站如果提供确实的最低价格保证,并且在客户付款购物过程中突出显示出来,您的购物车放弃率一定比其他电商低。...[详细]
-
第一次见张颖,张旭豪说了什么? 张旭豪:我问一个问题,我们第一次碰到在张江那里...[详细]
-
因为根本不做,为什么不做?原因是:不知道从哪里下手做。...[详细]
-
bitcoin全球app bitcoinapp全球版本v7.0.6
周末,最火的事情无疑是“北京一男子辱骂地铁扫码女孩”。...[详细]
-
2012年4月,俏江南又谋划在香港上市,为了筹集资金甚至把价值3亿的兰会所卖掉,甚至张兰都不惜辞去政协委员一职,把国籍更改为加勒比岛国,但这样还是没能在香港上市。...[详细]
-
优质原创内容,不再需要进行新闻源的申请,系统将从内容、质量、用户体验等维度判断,对优质内容进行展示...[详细]
-
不仅对投资人,还有对自己的员工。...[详细]
-
在2017第二届中国股权投资转让论坛上,潜力股战略研究总监徐祥君分享了关于股权转让在实际操作中的十五个具体问题,从微观层面和探讨了股权转让的一些关键问题。...[详细]