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：基金工具)

• ·特朗普称赞贝森特上电视带动市场上涨
• ·以太经典 实时行情-以太经典实时行情走势
• ·defi币怎么买 defi币哪里买
• ·咖啡多少钱一杯-星巴克咖啡多少钱一杯
• ·美国SEC推迟XRP与狗狗币ETF决定并启动公众意见征询
• ·亿太价格
• ·莱特币行情美元-莱特币行情美元走势
• ·我是征信黑户，还能通过卡卡贷的审核吗？
• ·现金流量表中支付的税费包括哪些
• ·岩山科技收盘涨3.0%，主力资金净流入4685.09万元
• ·科目余额表怎么看平账
• ·2024派币价格-2024年Pi币的价格预测
• ·请问绵阳市住房公积金贷款条件有哪些？我想知道我符不符合。
• ·bcdn如何挖矿
• ·遭遇第二次枪击后，特朗普依然坚持为家族加密项目站台开场
• ·医保卡退休后如何打入养老金？如何操作呢？