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:宏观研究)
-
Coinbase、Paradigm 都參投!AI 專案 Vana 獲得 2,500 萬鎂融資,預挖活動進行中
尤其对于民营医疗来说,过去单纯依靠百度竞价的方式变得越来越无法承担支出成本。...[详细]
-
目前新三板上万家企业中,至少有三分之一,也就是3760家企业是“僵尸股”。...[详细]
-
Vitalik 2049 演讲全文:以太坊需要在满足需求的同时,保持开源和去中心化的价值观
我有自己的开发团队,不会像其他商家拿货改标再销售,哪怕是一条普通的裤子和T裇,我也要做原创设计。...[详细]
-
數碼港於第27届京港洽談會收得豐碩成果促成多方合作助推京港兩地創科發展及人才交流
“前几年都是微博大v火,后来是直播火,还有快手啊什么的。...[详细]
-
4.网站优化知识 网站优化被更多人熟知的还是:内容为王,外链为皇,但远远不止这些,在保证内容和网站结构的基础上多建设网站内外链,合理布局网站结构,优化网站代码和关键词分布,最大化的便于搜索引擎抓...[详细]
-
作为一家在浙江这块创业沃土上,纵横十二年的移动互联网精英企业,天搜股份很清楚诚信对一家企业的重要性,不仅在日常管理中恪守诚信经营,更将诚信上升到企业文化高度,将“诚实守信”确立...[详细]
-
就在万众瞩目谁会成为360借壳宠妃之时,360突然选择排队上市,彻底终结了相关借壳概念股票的炒作机会。...[详细]
-
各种传出的裁员消息从滴滴弥漫到乐视、蘑菇街、暴风魔镜等企业,今年再到华为、贝贝网等企业。...[详细]
-
在频繁更换网络环境但毫无作用之后,不少人开始怀疑——友友用车是不是倒闭了? 有人尝试拨打友友用车的官方电话,但一直无人接听。...[详细]
-
如果放到现在,实控人变更再加上5条红线,再配上融资新规的20%限制,此类规避借壳的方式,分分钟被虐哭。...[详细]