I'm worried about Ethereum.
No one is building on it. No companies, no stablecoins, no users. ETH has lost any narrative whatsoever. It's still there, but no knows why. People hope it goes up, but no one can explain why. Treasuries below 1 mNAV. Some technologies just dead-end.
Bull into the FED rate cuts.
2-week run.
Then sell the news.
As explained in my last video, rate cuts will do nothing for mortgage loans, corporate loans, or markets - it may even cause real rates to rise. This hard fact will set in after the cut happens and things get worse.
Bitcoin is right on target. Price follows hashrate - this is the most accurate chart imo.
BTC ran a little ahead of itself earlier this year, but it's back inline with hashrate again. Fair market value is ~$113k, steadily increasing. On course.
Doesn't look good for ETH... mnav below 1.0 now.
$SBET mnav 0.87x
$BMNR mnav 1.05x
Out of ammo... retail not coming, validator exit queue record high, both companies non-stop tweeting in desperation.
Next, we'll see what happens when a treasury unwinds.
Not exercising because you’re “too tired” from your 9-5 job is not an excuse. That just shows a fundamental inability to prioritize, lack of overall judgment, & mismanagement of one’s own life.
If you have to drop one, you drop the job.
Rotation to Solana.
It's "DAT season" (digital asset treasury). Everyone is chasing the next "ETH," duplicating the treasury strategy. If so, L1 alts will run as ETH fades.
Then entire narrative collapse - L1s & L2s are actually worthless.
In the end, all funds wash into BTC.
Google also building an L1 blockchain now...
Billions of users, 100s of institutional partners, Google-scale servers. To take on stablecoins, competing with Stripe & Circle for the future of payments.
These new L1s look like the future. Ethereum no longer in the picture.
Something to keep in mind...
Every single dip in Bitcoin history has been worth buying. That is a 100.0% track record 15 years running where every call to "buy the dip" was correct.
Buy the dip.
Imagine working a 9-5 fiat job, while Bitcoin breaks all-time highs to generational wealth.
Dollar is down 10% YTD, all employees got demoted. Highest alpha move is to quit working & study Bitcoin to develop conviction. That conviction allows you to go all in. No other way.
Circle just announced their own L1 blockchain too. Why?
Companies need their own chain for control, speed, costs, uptime. It could even be SQL backend, EVM frontend.
The future isn't Ethereum, but many EVM-compatible chains. Settlement layer is just swapping out to Bitcoin.
It’s becoming clear that AI is middleware.
Due to hallucination, AI cannot be used end-to-end without a human to prompt & verify. As a result, autonomous tasks (like self-driving, AI agents, robotics) become impossible. It’s why Siri AI failed. It’s not the use case for gen AI.
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