Fidelity ETH ETF, ETHGlobal 2024 lineup and more - The Daily Gwei Refuel #692 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel where C the latest news in the etherum ecosystem I'm your host Anthony Sano and today the 20th of November 2023 all right everyone let's get into it so some fresh ETF news over the weekend nothing too surprising here just that Fidelity one of the largest asset managers in the world has now filed for their spot eth ETF now of course as I said I wasn't being sarcastic when I said it was it's not too surprising um just because of the fact that like when you look at this and you look at the kind of uh ETFs that are already out there already been filed by Black Rock and others for the spot e e ETF then F Fidelity following along is not a surprise there but just good to see it anyway you know I think that I

mean at at this stage and as I've been saying I think that the chances of the E spot ETF getting approved through the first round of these um these filings is pretty high and as I've said before I think it's it can take until like I think Q3 next year is probably like the latest deadline for for stuff like this um so yeah still a little while away but the thing is you know if you are of the Assumption or of the expectation that the BTC ones are going to be approved before Jan 10th obviously that's the first final deadline um which is the arc ETF and then the rest of them Mar in March but if you're of the assumption that it's going to get approved on Jan 10th and there's that massive kind of window there that massive gap between the BTC and the eth ones and some of the

E the ETF analysts have basically said that they don't they don't really expect that Gap to be uh you know that long they they they say it could happen within 3 months of the spot ones spot eth ETF 1es sorry the spot BTC ETF 1es being um being approved there which means it would put us in what you know February March April put us around April May for an eth one to be approved which would just be such perfect timing as well like when I look at these things I just laugh at the timing of of how these things work out and maybe it's me being Fooled by Randomness here but the timing is just always pretty funny though to see like even the um when uh when uh Black Rock filed for the eth spot ETF if you actually look at when they filed for

it it was basically at the time when the um the ebtc ratio if this is for your you technical analysts out there it was basically at a time where the eth BTC ratio was at like a multi-year like seven-year support level or something like that and everyone pointed to that they just like oh my God like Black Rock looks at these charts and they filed for it at that moment because you know that was the the bottom there blah blah blah and I'm like uh you know I mean as much as I want to believe that I feel like it's just being Fooled by Randomness and this happens a lot in markets people will see something and they'll just like try to reason about it and and it may just end up being a coincidence right and I I think that a lot of the things

are coincidences but some of them aren't but it's hard to pinpoint which ones are and which ones aren't because it depends on your bias and it depends on like I guess your bags as well and like what you want to actually be a coincidence and what you want to be planned and things like that I don't know I I'm not in the business of really kind of thinking about that too too deeply there but what I am in the business of is being excited about things like a spot eth ETF because obviously you know I always go on about need we you know we need new money to come into crypto and I can't think of a better vehicle for new money to come into crypto than through these ETFs honestly like I don't think there's any other better vehicle out there at least in the in the US kind of

Market there's definitely no better vehicle than a spot a spot ETF for both BTC and eth and potentially other assets years down the line right like obviously betc and eth aren't going to be the only ones um but they will they will be the only ones for some time but eventually like maybe 3 four years from now we might get some other ones I'm not sure which those ones are going to be uh but we might may get those but yeah in terms of like getting actual fresh new money that potentially has never touched crypto before and most of it probably hasn't touched crypto before the atfs are the perfect vehicle for that so that's what gets me the most excited about it there because it brings just that fresh Capital uh in there but that's the Fidelity announcement and there's one other piece of ETF news here

from Eric Banus who's one of those ETF analysts that I always talk about he says hearing chat that the sec's trading in markets engaged with exchanges this week on spot Bitcoin ETF 19 b4s is advising them that'd like the ETFs to do cash crates versus inin and has asked them to get uh in amendments in the next couple of weeks this isn't unexpected but a good sign nonetheless and Eric continues in this thread which I'll link in the YouTube description below but essentially I mean the reason why Eric tweets these things out even though they're kind of standard procedure is because that's what you want to be seeing if you believe that these ETFs are going to be approved by that gen 10th deadline right you want to see the standard procedures being followed you want to see um you know every the same procedure that's followed for other ETFs

being followed for Bitcoin because it just increases those chances of it being approved because they wouldn't be doing all of this if it was just going to get the denied right they wouldn't be uh doing you know the standard process to the extent that they are if the SEC was just going to turn around uh on Jan 10th and deny them all so yeah I mean I'm of the camp that like it's a it's it's a not 100% chance but it's pretty high up there that these things are all getting approved by gen 10th I just don't see any reason why they would be denied here um I know there are some people who believe that they they're probably going to get denied because we always need max pain in crypto blah blah blah whatever like I I get that but at the same time

you have to kind of read the facts right you have to read between uh the lines so so to speak and you have to actually see the signals being put out there and for me the signal is that the they're all going to get approved before Jan 10th and you know what if I'm wrong I'll freely admit it like I'm not going to try and hide the fact that I'm wrong I'm going to bury my head in the sand um if it turns out that I'm wrong but I have uh pretty high confidence that I'm not going to be and I think the market also signals that right like the market is a forward-looking waiting machine where essentially it will price in certain things and you know the Market's not going to be 100% right all the time but if you follow what the market thinks is

going to happen you follow you follow all the stuff that the ATF analysts are saying you follow the fact that the behavior this time around for this ETFs is very different historically you follow the fact that the SEC has softened its approach to crypto actually generally and it has lost those court cases as well like you add all that up together and it becomes very very hard to construct an actual reasonable argument as to why these would be um you know denied and I guess like some of the arguments are oh Gary GSA hates crypto so he's just going to deny um these ETFs I'm like I think it's out of his hands at this point given those court case losses given the fact that it's really bad look politically for his um his bosses essentially for that to happen and given the fact that just generally

over the last couple of months the sec's uh approach to crypto has softened completely I mean they approved the Futures eth ETFs right when they were calling eth a security only a you know a short time ago so when you think about it like that and when you look at and you run through everything from that lens yeah to me it doesn't seem like they're going to be denied but we will see I'll keep you guys updated on that but moving on from that to some eth core related news So Christine Kim put out another summary of the latest all core devs call here so there was apparently a wholesome eth Dev call with a bunch of devs zooming in from Dev connect they shared progress updates on the implementation of the revamped blob gossip conditions for denb which is the consensus layer side of the denune

upgrade I remember I mentioned this a couple of weeks ago and said that this upgrade or this kind of change would probably delay things by a couple of weeks in terms of timelines for getting denune to main net uh but it's making very good progress most of the client teams are the consensus layer client teams are on track to finish in the next one to two two weeks and that means finish this implementation which means that they can start doing the um the dev Nets around it and then obviously start doing the test Nets so I think that if I'm kind of like being realistic here I I don't we could still have like the girly test net fork in December but I don't think so I think it's going to happen in January and I mentioned this like a few weeks ago that I think that

um the the first test net Fork will be in January then if all goes well we'll do the other test Nets um we may do one or both of them I think we'll end up doing both of them um H ski and SEO are there cuz G is actually being decommissioned basically I think they'll do this Fork on gurle and then decommission it after it cuz I think girle was scheduled to be decommissioned by the end of the year but if they're not if they want to keep it alive just to do this fork and then decommission it it would happen you know shortly after the fork goes live that brings us up into what like February or something like that and then a month for um for for for everyone to get ready for main net yeah it brings us into March like as

I've been saying I feel like March is a good kind of Target here for it to be going for for denune to be live on Main net um if it happens in February I'd be surprised to be honest just given the fact that like the timelines just aren't there especially with the holiday period as I've mentioned before so yeah March is kind of what I'm what I'm targeting uh right now but uh yeah I mean that's just my own estimation please do not quote me on that um that's just my own kind of thing and maybe I should stop giving my own estimations but you guys know I like to be as transparent as possible about these things and like to give my thoughts on these things even if they end up being wrong like I remember I originally said that it would happen in November but I did caveat that by

saying you know if they run into issues with testing which they did and if they want to make changes which they did it would delay things out and because it's the holiday period we probably lose a whole month anyway so it would delay things out even further right but the cevs themselves they they they kind of like have these windows that they want to get things out by but it's not like they have like these hard deadlines that they have to meet you know it's not like U they have like shareholders to to be beholden to and stuff like that like yeah okay eth trades uh you could argue that eth trades based on the success of the ethereum network but it's not like a traditional kind of company structure or corporate structure where these things are uh you know are expected to be delivered by this day it's more of a

open- source kind of uh distributed development process where things are delivered when they're ready to go live especially for something like ethereum which is obviously a huge Network home to trillions of dollars of value being settled every year we can't rush these things so yeah we'll uh we'll keep you I'll keep you guys updated on that but as I said like I feel like March is probably the the best bet at this point in time for denune on mainnet there right so just a shout out to the ethereum on account which shared they now have a loadstar ethereum beacon chain running on a rock 5B board working on including this client in their images so users can choose from all clients available so yeah this was the last client I believe that they needed to support as part of their images here to run this these things on a rock 5B board

uh which is great to see obviously loadstar I think is still like the least used client because it was the one to come out last I mean if I go to client divers unity.org here on my other screen uh yeah load is the least used then it's uh Nimbus teu Lighthouse and prism uh but loar's market share has actually been growing they did run that incentive program a little while ago which which helped them um but it's a great client so yeah if you have a you know rock 5B board somewhere maybe you don't even want to run it as a validator you just want to run it as a full node right uh you can now do so using the ethereum on um image which I'll link in the YouTube description below uh for you to do so all right you guys know that I've

been part of the obal DVT Alpha Testing for quite a while now I've been part of one of the first main net uh DVT clusters been running that on my solo Staker box with a bunch of people around the world uh and there was another Milestone achieved here over the weekend uh which is the obal splits uh uh kind of feature here which has been used by the cluster that I'm in here and I've covered obal splits before it's basically a way to kind of like split up the the rewards uh you can see here the use of obal splits by an ethereum mayet DV cluster is an important milestone for the decentral decentralization of stake because it moves us one step closer to the new standard staking that is decentralized secure and communal communities will run DVS uh seamlessly so yeah basically you can automate them

and manage your validator rewards principal and fees without the use of uh of oracles so essentially making sure that everyone gets rewarded in a a fair way without having to rely on external parties here which is very very cool but yeah we did this upgrade uh the The Operators here um and we we we kind of like all upgraded and then there was some bugs that we ran into but weon them out obviously as I said like this is part of um the testing that they're still doing even though it's on Main net it is part of like the testing that they're doing and in the end State you shouldn't need to obviously shouldn't be any bugs and you shouldn't need to coordinate with the team in order to get this up and running it should just be very seamless it should just be a piece

of software that that you can install alongside your existing kind of operation or node node operation that you have going on uh and it should all work out of the box there and you know it's funny when it comes to DVT I've seen like various comments around DVT generally like just the concept of distributed validated technology generally and some people saying that oh it's useless or it adds more risk or or people saying you know this is really awesome because it allows us to do redundancy in a safe and secure way I I actually like I mean you guys know I'm an investor in obal here so I just want to disclose that but I'm not just saying this because I'm an investor I actually think that any technology that is opt in right and I'm not talking about like optin uh like okay so so there's two

types of optin here there's the optin with with the Obel Tech DVT Tech generally where you don't have to run it if you don't want to and honestly like uh if you're running a setup and you're confident that you can keep that setup up 100% of the time and you're not going to uh you're not going to suffer from any kind of like uh double signing by running your own redundant setup and things like that then by all means go for it but generally you know the DBT stuff is completely opt in like it's not a requirement of the ethereum protocol for you to run DVT right um but then there are other things that are opt in like me boost for example but it's a different type because with MV boost if you don't opt in your rewards are actually significantly less so it's kind

of a funny thing where you when you think about what's opt in versus what's not I would say that DVT is purely opt in you're not forced into doing it uh at all right you're like for for a lot of people especially solo stakers your rewards are definitely not going to be um you know too much improved by using DVT uh versus not using it but in saying that what DVT enables as well is um basically Squad staking which I've discussed before which is basically this concept of being able to do trustless pulled staking AC and be able to get these people to actually run the validators and full nodes themselves to materially increase the number of full nodes on the network and materially increase the number of node operators on the network which is what we should be targeting I think that when it comes to

everything ethereum staking and everything ethereum uh kind of like uh you know uh note operating we should be our North Star I guess I could say of the entire staking ecosystem or entire kind of like node operator ecosystem should be to increase the number of node operators increase the number of individuals entities you know corporations govern governments uh you know for-profit non for-profit entities that are validating on the network and ideally they are going to all be kind of like separate entities right ideally they're not going to have anything to do with other entities on the network they're going to be separate and they're going to be doing their own thing that should be the north star of the entire ecosystem because the more node operators there are the more decentralized the ecosystem is and and the funny thing is is that I say node

operators are not validators because you could have one node operator that controls a huge amount of validators like for example coinbase is one note Ator right like I they're one entity that controls 15% of all validators and then obviously you have lato which controls 32.5% last time I checked of all validators but they but within that they have like 36 node operators right but you could argue that Lio itself is one entity as well so when thinking about these things as I said the North Star should be that we we need to increase the number of node operators on the network generally and I feel like DVT that's dv's kind of like main thing for me is being able to increase the number of of note operators on the network and as I said it's still opt in it's not you're not forced to use this um whereas

there's other things like me boost which are pretty much like not OP I mean it technically is opt in but you're kind of forced into it if you want to stay competitive reward wise you know if you're a staking service provider you can't not run me boost because you're missing out on like if you're not running me boost you're potentially missing out on like half of the rewards that you otherwise would have been getting which means that people aren't going to stake with you right they're going to St with someone else and that that forced optin is what we should be focused on you shouldn't be focused on things that like a soft optim where it's just like yeah if you want to run DVT you can uh so yeah but I've seen arguments on either side of things really it's just going to have to play

out and see what it looks like on Main net see how many um different operators decide to use DVT and see if it actually materially increases the amount of full nodes on the network and the amount of node operators on the network because that's what I'll be looking out for there all right speaking of staking super fiz has a great little collection here on gitcoin for gitcoin Grants Round 19 uh that you can donate to so I think there's 100 projects here um uh that you can basically donate to for that have got to do with staking from uh from home so this as I said it's super fizz's collection you can check this out for yourself I'll link it in the YouTube description below yeah no it's not 100 projects it's uh yeah I didn't think it was 100 projects I think I read that

wrong it's about 14 projects unless this isn't loading correctly no I think it's loading just fine it's about 14 projects here that have all got to do with ethereum staking from home uh so yeah if you want to donate to them you can um but as I said uh gin grants Round 19 is now live I think I don't think I've mentioned that on the refi before so there are plenty of projects to donate to you should definitely go check out the the round generally but if you're looking for some to donate to in the ethereum solo staking or home staking space this collection from Super Fe is uh is great and you can definitely trust that super fiz has chosen all of the projects that are deserving because he is one of the best stewards of ethereum staking in the ecosystem so yeah you can

go check this out for yourself I'll link it in the YouTube description below for you to do so all right so the ZK P2P project that I highlighted I think a few weeks ago where essentially it allows you to trustless onboard uh from Fiat to uh to crypto so basically it's a trustless fat to crypto on-ramp powered by ZK proofs uh has gone live on uh in Alpha launch here so they the alpha launch is now live at ZK pp. XYZ uh it's on bass so it's not on mainnet or any other l2s right now but it's on base and users have the ability to onramp up to $250 every 6 hours as part of the alpha so and remember I I showed this to you guys already so I'm not going to rehash basically the demo for you but

essentially how it works and how you can onramp in 60 seconds they they kind of break it down here and there's no kyc or anything no waiting for kyc it's basically you claim an off off-ramp order send a transaction to your favorite P2P payment service use the proof of payment email to unlock the funds on chain so essentially it's using ZK proofs as I showed in the demo that they did um a couple weeks ago uh in order to verify those those orders from venmo I believe it was or one of those kind of payment apps there in order to uh trustless give you usdc on chain so go from USD to usdc in 60 seconds trustless Le no kyc any of that this is the future of of on- ramping to be honest guys um because we're using the technology that has been developed for

not just scaling um obviously zero knowledge proves play a huge part in scaling but as I've said before like the magic of zkps is that they do both scaling and privacy and in this instance they're doing privacy where essentially you can uh trustless and privately uh confirm that everything is running as it should and then be able to onboard from Fiat right Fiat like not not not trade like some other crypto for some other crypto you're onboarding from Fiat through the traditional Finance system using email rails as well uh to go to crypto on base like that's just so cool like this this is really the the the ux upgrades that I've been talking about for so long like where we get to the point where it's a couple of clicks doesn't take very long to get in and I think the no kyc part is the biggest

thing I do think that these apps um uh like the thing is that they have limits on them so as you like with with with with these payment apps like VMO and stuff like that they're supposed to be used for for small payments right between friends and things like that so I think I I don't I haven't used V before but I think a lot of them they actually do require kyc above a certain limit but the the cool thing is is that you could do kyc for these these apps and you could increase your limit and then you can just still use this to trustless Le on board onto base um with you know with usdc going from USD to usdc so yes you probably have to kyc for bigger amounts but the point is being able to go straight from Fiat to crypto

no need to kind of like go from Fiat deposit into a centralized exchange then buy the crypto there then withdraw it to your wallet which obviously takes longer than 60 seconds to do it can take ages I mean uh unfortunately I I remember I highlighted for you guys a while ago that the um in Australia the the banks were actually scening pretty much like every crypto deposit to exchanges I went from being able to deposit Fiat instantly into the C A crypto exchange that I've used since 2013 with the same bank account so I was able to do it instantly not instantly since then but but over the last couple years I've been able to do it instantly and um I was able to do large amounts instantly now doesn't matter what the amount is if it's small or large it it takes 24 hours

every single time so they put a hold on that payment for 24 hours then they'll process it I hasn't I haven't been denied a payment yet uh and I've done this with for for my Aussie friends I've done this with Commonwealth Bank but I think the other banks are very similar to this um there are some other I think there are other banks that are better at this than others but like the point I'm trying to make is that like you know you're not going to go from from Fiat to crypto in 60 seconds through the the traditional kind of means so doing it through this doing it with zero knowledge proofs and doing it trustly like this I think is the future of of on- ramping here and there's always going to be limits put in place I think that people like to point to these

limits as something of Nefarious but really if you actually look at why a lot of these limits get put in place it's because people get scammed a lot like okay let let me give you an example here like how many like we all know someone who's been scammed in crypto right someone who's been fished in crypto we see it all the time every single day all you need to do do is go to Zack xbt profile on on Twitter and he'll just tweet out like the amount of scams that are happening and that's only a small part of the amount of scams that are happening there are so many more than that right so now extrapolate that and take that and put that into the trafi system put that into the banking system there are so many people getting scammed all the time guys so the number one

reason why they put limits on accounts is because of that and yes I wish there was a way for people like myself and others to opt out of that to opt out of that protection so to speak but it's very hard to do that because you are the minority so for you who want who wants to opt out of it and wants to opt out of that protection as the minority the bank's not going to prioritize building a way for you to do that because what they have to do is not only do they have to build the the technical ability for that into their entire stack whatever their kind of Stack is the tech stack that they're running they also have to build build the process into it as well they have to do it they have to run it through legal they have to change their

company kind of um processes around it and then they have to get you to sign something that basically waves all of the um rights that you have to go after the bank if you get scammed so for them it's just not worth it they're like oh well we piss off a small a small number of our customers but it doesn't really matter so it really becomes a thing of when it gets to a point where enough customers are complaining about it that's when they'll change it so I know people like to attribute kind of malice to what is really just the fact that people get scammed all the time this is why banks have to do this because the banks don't want to have to deal with it don't get me wrong there is malice in in in in certain instances here but a lot

of the time from everyone that I've spoken to I've spoken to a lot of people in the in the the banking sector a lot of lawyers a lot of people who work in reg regulation particularly in Australia and they all say the same thing to me they just say the banks do not care enough about crypto in order to M to to tailor uh things for people who want to opt out of stuff they just put a blanket thing on every everyone and then they don't have to deal with it anymore so yeah I that's just the reality of things but um yeah we'll see how that goes we'll see what happens with these trustless on RS because I I'm sure ZK PTP won't be the only one but you can go check this out as I said it is now live in Alpha on the Bas uh Network

there all right so the eth global 2024 schedule has dropped and I am very very excited and I'm sure you guys can understand why if you're looking at my screen right now I'm excited because eth Global Sydney is happening so there has never been an eth Global event in a Australia as far as I know and eth gloal Sydney is happening from May 3rd to May 5th which I'm 100% going to be attending of course and I'm and I'm also going to be doing a daily gay Meetup in at eth Global Sydney as well the last Meetup was obviously eth Denver um but I'm going to be doing another one in Sydney so I'm just super excited guys like I'm super excited because like I I only have to travel like an hour like Sydney's like an hour flight from Melbourne and I will have zero jet lag and I can just

feel like good being you know at home so to speak and yeah it's just so much much easier right uh so I'm very very excited for that and I hope to see a lot of you there but the other locations were announced as well so there's going to be one in London in March there's going to be one in Brussels in July Singapore in September San Francisco in October and then Devcon apparently is happening in November so uh yeah I mean I thought I thought Devcon was happening earlier but yeah according to this schedule here Devcon is happening in November no location announced for it yet but as you guys know southeast Asia is where they were targeting here but yeah still no location announced there but but anyway hope to see a lot of you at eth Global I don't know if I'm going to be attending

any of these other ones to be honest maybe it just depends if I'm traveling at the time I do want to travel to Europe at some point in the next couple of years and do a trip with my with my fiance uh but yeah we'll have to see how that kind of shakes out there but I'll will definitely be at e Global Sydney like I wouldn't miss that for the world um yeah you can hear the excitement in my voice just to have a conference there but I mean funny enough I'm going to signy this week as you guys know to the crypto assembly uh conference that's happening later this week um which is exciting too uh but I think with e Global Sydney it's just going to bring a lot of like the more eth native people to uh to Sydney than otherwise would have been there uh

whereas these other events that I go to are definitely more like just trying to bring the Australian Community together um and yes it's just a different crowd still an amazing awesome crowd but a different crowd uh nonetheless there all right to finish off today's episode is a bit of I guess price talk now I mean it's not really price talk in like in the in the traditional sense where I'm going to tell you guys like oh my God you know uh price is going to go down or price is going to go up or we're in a bare Market we're in a bull market it's just a a pretty long tweet that I put out explaining or kind of giving my view on why eth has quote unquote underperformed in the last 6 months now of course for anyone who's been pay being paying attention to the markets

anyone who's been paying attention to crypto Twitter you'll know that for the last 6 months or so eth has underperformed the General market right it underperformed Bitcoin because of the BTC ATF stuff it underperformed all these smaller assets because I mean one they're much smaller than eth but two um I think a lot of people uh were kind of crypto natives still in crypto and uh chasing these smaller assets because it just became like a narrative trade stuff like that and ether's kind of lagged that whole move but my own my argument that I made in this tweet basically rested on the fact that I actually don't think eth has lagged I think eth actually LED and my reasoning behind this is because eth performed quite well in the second half of last year and the

first of this year it performed quite well in the second half of last year because of the merge obviously the merge happened in September you can actually see eth went up to like 2K uh you know at at the time of the merge there while everything else was either not either bleeding out completely or uh there were um uh BTC went up a little bit but not as much right the E BTC ratio was gaining uh and all of the other things got slaughtered uh actually during uh from from June 2022 to November 2022 which was the the FTS collapse and the the General market kind of bottom there um there was some other really popular coins that are popular today that went down 80% against eth right in that small amount of time period so eth actually outperformed during the bare Market I remember talking about that at the time

saying that it was historically um you know uh not the not the case that eth would outperform in a bare Market but it has it it outperformed in in in the second half of last year and the first half of this year and it also did not set a new bottom when FTX collaps so it performed very very strongly but of course all of that changed this year after um after June really when Black Rock filed for the spot BTC ETF eth became the you know not it's not the loved asset anymore because we had the Catalyst fee we had the merge we had the withdrawals thing go live in April and then may there was nothing in May and and then June came along and then suddenly BTC now has a spotlight and of course BTC BTC started outperforming from there a few months later all these

other things start outperforming again but but the thing is is that I wouldn't say eth lagged that at all eth actually frontrange ran all of that it actually LED that and E actually performed very very well during the bare market and I think that heading into next year eth is going to start outperforming again I do I I do think that we're at the kind of tail end of eth underperformance it's underperformed for quite a while now what what's funny is that like both Traders and investors alike are both very confused by E's underperformance like you know eth has so much going for it uh why is it underperforming it just it's it's crazy blah blah blah but as I said like I don't think it underperformed I think it outperformed it just outperformed earlier than other things which means that eth is about 6

months ahead of the General market which means that everything else is just catching up to where eth where eth was basically six months ago so if we take that as a fact and we we think that that's true which I do think it's true that means that e should Out start outperforming from here basically right and maybe I'm I'm completely wrong on this I don't know this is a belief that I have it's it's I mean I shouldn't say it's a fact because it's not a fact yet it becomes a fact once it happens but it's a belief that I have right now that this has been the case um and I think that it was the case a lot in large part due to the merge which is a huge narrative at the time right and made eth just outperform but also eth as an asset

just got a lot better and I think people will point to Erp 1559 and the eth burn and they'll say oh it's done nothing for the eth price and they'll say oh the merge issue introduction did nothing for the eth price like of course it did heaps for the eth price it kept eth very very strong during the entire bare Market eth is at two $2,000 right eth is only down what is it like not even 60% from all-time high compared to Bitcoin I think Bitcoin from alltime high like I'm actually going to look these numbers up because I looked them up the other day so eth's down 58% from all-time high Bitcoin is down 46% from alltime high not that far away and Bitcoin has been trading uh stronger than eth just over the last few months due to that ETF narrative so really eth has kept up with

Bitcoin historically like much much better than it has in in history right much better especially the last bare Market before this one much much better there and then you look at these other things that have have pumped a little bit recently they're still down like massively from their all-time highs right like hugely like 80 plus% 90 plus% still they've just pumped recently because they're much smaller assets people are chasing these things being like Oh you know uh E's doing nothing right now and BTC already pumped so I'm going to go chase this thing but then as soon as eth starts DN things and starts breaking out eth is going to outperform again and we just all go back to the Cycles right it's all it is it's cycles and rotation cycles and rotations but as I said I think that the burn and the issuance reduction with the merge played

a huge part in helping e to basically become a much more resilient asset and because of that it means that it has times where it outperforms and it maybe outperforms the market in in you know much earlier than otherwise would have been anticipated which it did from second half 2022 to second half uh sorry first half 2023 and now heading into 2024 with a fresh narrative under to like the spot eth ETF narrative heading into the Denon upgrade next year I don't know I feel like that it's just the stars are lining for eth to outperform from here on out and I feel like that there's that crab range that eth has to break at 21 200ish or something like that give or take like tens of dollars um upwards there I feel like once it breaks that like we're just going to go to 3K like that's not investment advice

or anything like that but I feel like it it's just been held underwater like I've used this analogy plenty of times before it's like a balloon being held under water right for so long or a ball being held under water I should say for so long um and then it it just pops eventually and it catches everyone off guard and everyone's like oh my God I need to buy eth now right I feel like that's going to happen and I feel it's going to happen relatively soon um but you can read my full tweet here for just a bit more detail on this I'll link it in the YouTube description below but that's my general view on on things there I don't think ether is underperformed at all I think eth has actually outperformed uh for a while now U and it's just been over the last few

months where it has underperformed but that's because it outperformed prior so it's like the cycle playing through and I believe eth will have its its um its day again where where where it outperforms and everyone fos in everyone loves eth again and then it'll probably have its underperformance again it's just a cycle rotation cycle and if you're you're looking at from a long-term perspective from a multi fouryear cycle perspective none of this stuff should really matter to you yeah you can go speculate on other assets and and potentially you know trade those things for more eth go do that like there's nothing wrong with that um but the the problem is is that like most people who do that end up with less than what they started with like that's just the nature of markets it's just the nature of trading um but yeah anyway on

that note I think that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone