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：百科资讯)

• ·小花钱包到底上征信吗？我想在小花钱包上贷款。
• ·比特币买卖平台有哪些
• ·AVAX币正规网站榜单一览 AVAX币网站靠谱排行榜2025年
• ·纯碱期货盘中下跌1.66%，报1544元
• ·比特币中国和火币
• ·如何在华为手机上下载并安装欧意APP?
• ·The Open Art：与Blum、TONX和TON Society共度Token2049创新之夜，已超7千名参与者
• ·10月31日西部利得新润混合C净值下跌0.12%，近1个月累计下跌0.67%
• ·2025 年第二季度末之前狗狗币（DOGE）将飙升多少？
• ·10月31日浦银安盛新兴产业混合C净值下跌0.21%，近1个月累计下跌0.05%
• ·股票托管转入-股票托管转入是什么意思
• ·财产一切险具体包括哪些理赔范围？理赔项目有哪些？
• ·不丹透過挖礦積累 7.8 億鎂比特幣，佔該國 GDP 近三分之一
• ·建行信用卡取现利息怎么算？取现手续费及利息详解。
• ·开房租费普通发票需要什么材料
• ·meme币交易所中国能用么 meme币交易所在中国合法吗