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Ethereum is looking more like the “Microsoft of blockchains” every day
The post Ethereum is looking more like the “Microsoft of blockchains” every day appeared on BitcoinEthereumNews.com. Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire newsletter. The vibes are off Ethereum’s got a lot of haters right now. Perhaps Vitalik Buterin singing isn’t the bullish signal everyone’s looking for. As Bitwise’s Matt Hougan pointed out in a note yesterday, the ETH/BTC ratio hit its lowest level in three years. ETH has struggled with upward momentum in the past few quarters, unlike both bitcoin and solana. “The vibes in the community are tough,” Hougan wrote. It’s a fair assessment, given that the expectation for ETH to follow in bitcoin’s footsteps may be a fair one. Bitcoin received ETF approval earlier this year and then carved out all-time highs just a few months later, and ETH tracked the momentum like a loyal dog. And yet… it failed to see a huge boost when its own ETFs were approved earlier this year. “A key factor is the timing of Ethereum ETFs, which launched during the summer — a typically slower period for both the crypto and ETF markets,” Fredrico Brokate of 21Shares told me. “This is also partly due to Ethereum having a less straightforward narrative compared to Bitcoin, which is widely regarded as ‘digital gold.’” Hougan, in his note, said that there are a few other reasons: the election risk, competitors and tokenomics. “While Bitcoin has largely passed regulatory scrutiny — even SEC Chair Gary Gensler admits it’s not a security — Ethereum has not. The SEC appears to think that staked ETH is a security, and the agency has significant worries about the broader DeFi ecosystem that drives much of Ethereum’s value. If Harris wins and continues the Biden administration’s skeptical posture toward crypto, Ethereum could face challenges,” Hougan added. From the legal standpoint, Hougan is right.…
The post Ethereum is looking more like the “Microsoft of blockchains” every day appeared on BitcoinEthereumNews.com.
Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire newsletter. The vibes are off Ethereum’s got a lot of haters right now. Perhaps Vitalik Buterin singing isn’t the bullish signal everyone’s looking for. As Bitwise’s Matt Hougan pointed out in a note yesterday, the ETH/BTC ratio hit its lowest level in three years. ETH has struggled with upward momentum in the past few quarters, unlike both bitcoin and solana. “The vibes in the community are tough,” Hougan wrote. It’s a fair assessment, given that the expectation for ETH to follow in bitcoin’s footsteps may be a fair one. Bitcoin received ETF approval earlier this year and then carved out all-time highs just a few months later, and ETH tracked the momentum like a loyal dog. And yet… it failed to see a huge boost when its own ETFs were approved earlier this year. “A key factor is the timing of Ethereum ETFs, which launched during the summer — a typically slower period for both the crypto and ETF markets,” Fredrico Brokate of 21Shares told me. “This is also partly due to Ethereum having a less straightforward narrative compared to Bitcoin, which is widely regarded as ‘digital gold.’” Hougan, in his note, said that there are a few other reasons: the election risk, competitors and tokenomics. “While Bitcoin has largely passed regulatory scrutiny — even SEC Chair Gary Gensler admits it’s not a security — Ethereum has not. The SEC appears to think that staked ETH is a security, and the agency has significant worries about the broader DeFi ecosystem that drives much of Ethereum’s value. If Harris wins and continues the Biden administration’s skeptical posture toward crypto, Ethereum could face challenges,” Hougan added. From the legal standpoint, Hougan is right.…
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