1/ I wrote this thesis a bit over a month ago and sent it to several TradFi money managers managing a total of hundreds of millions - it net 30% in one month. The market is continuing to show that ETH is fundamentally mispriced in the crypto ecosystem (this is from someone who used to basically only own ETH). Here's why the BTC/ETH spread trade is about to get much bigger (as much of CT knows) 🧵. Full 13 page pitch linked below.

2/ The core thesis is simple: after a decade, ETH still hasn't found product market fit, yet trades as if mass adoption is inevitable. This is due to two key reasons: 1. Decentralization is not a value proposition that the masses will pay for multiple times a day 2. ETH has lost market share and will continue to lose market share in a market I'd argue isn't broadly lucrative.