Ethereum's strong ecosystem is not translating into enough ETH value capture to support significant appreciation unless that changes. The Ethereum Foundation selling ETH again is frustrating; buybacks and stronger incentives for L2s to accumulate and buy back ETH could improve the token's economics. Fundstrat, which owns roughly 5% of the supply, has a huge opportunity to push for better value capture. x.com  x.com 

Ether's distribution is its biggest weakness, because proof-of-stake enshrines the Cantillon effect and poorly distributed moneys always fail. Proof-of-work spreads supply through forced selling by miners, who have real costs. Ethereum's long proof-of-work history does make its distribution unusual among chains that started as proof-of-stake, and @lex_node raises fair points, but distribution would be a major reason if Ethereum fails. x.com  x.com 

Ethereum's upside looks worth the bet because the payoff to its prior high is much larger than the downside, and buyers still respond to good news. There is roughly 16% down to $1,950 versus a little over 2x back to the prior all-time high. LIT caught a sharp bid around its US regulatory plans, and CHIP rallied 40% around a $1 million buyback; that response looks like a bull-market sign. x.com 

Ethereum's main problem is that it removed proof of work, and the second is that a central "they" exists that could make such a drastic change. x.com 

Ethereum's roughly $200 billion valuation is hard to justify for an asset without productivity, unless the burn rate skyrockets. That is the counter to @fede_intern's bullish case that Ethereum will win by getting cheaper, faster, post-quantum safe and better at quoting prices. x.com 

ETH is undervalued because collateral and staking create demand L1 fees miss. Aave V3 has 2.2M WETH supplied and 1.75M borrowed on Ethereum. Yet Base reportedly paid Ethereum ~$15K for September data publishing versus $711K to the Optimism Collective, showing weak L1 capture. Absolute stablecoin growth matters more than share, but is not itself ETH demand. The case strengthens when activity creates sustained demand to hold, borrow against or stake ETH, or raises fee burn relative to issuance. … Show more

Historic debt levels and currency debasement make Bitcoin's role as a store of value more important than ever, countering Jason Calacanis's call to sell it. x.com 

ETH should stay stuck for a long time because of the many trapped buyers created by BitMine and Tom Lee. Nearly every use case for it has been tried since 2019, and tokenization is more exciting than ETH itself. x.com 

Ethereum's offchain execution and onchain proof verification make its scaling path for the tokenization supercycle very bullish. Correcting an earlier description, high-throughput execution happens offchain, while ZK proofs and transaction-state commitments are posted onchain for verification. Vitalik proposes client-side STARK proofs and EIP-8288 aggregation to keep heavy cryptographic computation and data out of scarce block space. x.com  x.com 

Ether is rated Avoid in a June 7 ratings update written during the AI-sector crash, in the same bucket as bitcoin, CoreWeave, IREN, Tesla and the SpaceX IPO, while Alphabet, Micron, SanDisk and SK Hynix are rated Strong Buy. x.com