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:发现基金)
-
当然,王功权最需要的是有现成的赚钱案例。...[详细]
-
USDT钱包6月抢先版下载-USDT钱包DEX交易v6.3.7官网下载
此前该公司表示,在2017年,公司计划将共享单车带到国内外百座城市。...[详细]
-
创办俏江南 7年做到年销售10亿!9年做到身家25亿! 张兰卖掉自己的酒楼,并不是因为弟弟离世而做出的意气之举,而是深思熟虑的结果。...[详细]
-
而微信指数未来是否还会延伸出其它的辅助功能(如相关其它搜索词指数、相关搜索词用户男女比例等)就让我们一起试目以待吧! 本文由蝉大师https://www.chandashi.com/原创,如需转载,...[详细]
-
DeFi 项目 World Liberty Financial:获特朗普家族和加密人士站台,超 60% 治理代币面向公众发售
但是,如果没有把梦想拆解成没有可预期的目标和可执行的实现路径,最终也就只能做一个妄想症患者。...[详细]
-
这张拼接而成的长餐桌,容纳了30人,有外婆家创始人吴国平,阿里巴巴合伙人王帅,作家龚晓跃,金彩画廊创始人金耕,建筑师沈雷,自媒体人王五四等。...[详细]
-
2002年,刘晓东发现用伏特加、威士忌、白兰地等洋酒和果汁调配、灌装生产、成本约为3元的预调鸡尾酒(又称:预调酒,区别于现场调制的鸡尾酒)是一个比香精更赚钱的行业,其在上海夜场一个...[详细]
-
虚拟货币钱包芝麻交易所web3版本下载-芝麻交易所web3钱包官方授权版v6.3.1下载
最后,如果想去融资的话,再去考虑谁才是合适的投资人。...[详细]
-
圣雄甘地所缔造的大国印度其实是享受了英国殖民者在南亚次大陆上武力整合的红利。...[详细]
-
山东威达:越南子公司取得新企业登记证书,注册资本增至 1000 万美元
第一口锅:创业者“生而改变” 在经历被标签化之前,创业者们还经历了一波轰轰烈烈的造神运动。...[详细]