ETH ETF chat, Taiko live on mainnet and more - The Daily Gwei Refuel #774 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the daway refuel where C the latest news e me system I'm your host 28th of May 2024 right everyone let's get into it so kicking off today I wanted to have a discussion around the eth ETFs in particular when they're actually going to start trading because as we all know on May 23rd the eth ETFs were approved but they did not start trading on that day or the day after whereas with Bitcoin they were approved and started trading shortly after now this was of course because there wasn't all of that set up leading up to the E ETFs being approved that there was with BTC it basically caught everyone by surprise and it was a complete 180 In The End by the SEC and the Democrats at large here so we're left speculating on when these things will actually start

trading now it's not totally speculation we're going to see movement on this which will indicate an actual timeline here uh and this being like the S1 form so there's two forms the 19B 4 forms which have already been uh kind of put forward and approved and then there's the s1s which haven't gotten Ive yet but when they do or when we see movement on them then we'll get a better idea of when these things are going to start trading in terms of actual kind of numbers here actual kind of time frame here you can see Nate uh put together a tweet where he basically says nobody knows for sure uh but his expectation is that they'll start trading within the next few weeks and with a maximum time limit or time frame of 2 to 3 months I don't think it's going to take that long

I do agree with him that it would happen or should happen in the next few weeks I honestly don't think it matters if it's a few weeks or two to 3 months actually think the longer the better because it builds more hype right it builds more time or it has it creates more time for a lot of these tradeway institutions to start their marketing machines up and to start getting that AUM in because I'm very curious to see what kind of numbers the eth ETF does especially compared to the BTC one I don't think it'll get the same inflows as the BTC one because uh BTC was in its own little kind of Realm there where essentially it was the first crypto asset to get an ETF right uh there was a lot of pent up demand over quite a long period of time there was a

lot more attention and marketing on it than there was with the eth ETFs but who knows that can change very quickly if it takes two months for these things to start trading we could see some pretty good inflows into the eth ETFs but I think that's like the next thing people are looking at you know you've got the Bloomberg guys basically saying that they expect the E ETFs to get around I don't know 15 20% of what the BTC ones got like I wouldn't be surprised by that to be honest um but I think that it would probably be closer to around 30% which is the market cap difference or 35% if you're doing like market cap waiting here but it could be more than that or it could be less than that we just don't know at this point in time so yeah I I just wanted to kind of put that

out there cuz I know a lot of people are wondering you know when are these things actually going to start trading and that's the kind of time frame that we're working with right now and we haven't really heard anything since the ETFs were approved because they were approved on Thursday then we had one one kind of working day on Friday then we had the weekend then we had a public holiday in the US yesterday being Monday and just today the markets are coming back so we may see some movement this week on the s-1 fun forms which will indicate to us uh you know give us a better picture around what the time frame for the ETFs going live for trading will look like here but as I said the longer it takes the better I actually don't think that it's going to have any trouble going up

from here especially to alltime high especially to like 5K plus sort of thing without the ETFs because of just you know hyp and narrative alone and then after that I think that once the flows start coming in once people start seeing and what's going on there we're definitely going to see uh you know get get a better picture here of what's going on now there's one other thing as well related to the ETFs that I wanted to talk about that I see a lot of people talking about is what is the outflows going to look like for the eth E trust uh you know because we saw with the gptc trust from grayscale I think they ended up losing like over half of their AUM since converting the trust into an ETF because of the fact that they had really high fees on their ETF I think it was

like 1.5% or something like that as opposed to the. 2% or .1% or even no fees on the other ETF so there was a massive amount of outflows out of gbtc as I said I think it was over half outflows there so people are naturally wondering what are the outflows going to look like for eth E I think it's going to be different and look I'm not going to go out on a limb and say I'm super confident in this prediction but I have been looking and studying the facts and circumstances here and I have kind of come up with a bullish thesis and also a bearish one so my bullish thesis on the kind of I guess conversion of the the trust here and why I don't think the outflows are going to be as great as they were for gbtc is because I think

that gray scale learned their their lesson and I think that they're not going to keep their fees as high as they uh they are now for eth I think they will uh drop their fees down I don't know how low but I definitely think it will be lower and they also spun up their mini trust which is supposed to be essentially their even lower fee offering uh ETF that that grecale is offering and they've got one for eth as well so they've already spun that up they're not waiting they they waited with the BTC one but they've already spun that up and they've also made some management changes I don't know if you guys saw recently but grayscale CEO basically got fired so was essentially forced to step down and I think that was because of the fact that it's really hard to keep your job when you lose you

know over half of the AUM of your top product because you kept the feas high and they I think they took like a bet you know it was a calculated bet I think and they've still got a lot of AUM don't get me wrong they've still got as much a as black rocks ETF has but black rock also hasn't existed for many years here I think they took a risk it took a bet here and it didn't really pay off as they as they imagined so I do think that we could see e get converted into an ETF but not have those High fees in order to stem any of the outflows that could happen because of that now I think that the high fees aren't the only reason why there were outflows with gbtc for those of you who may not be aware gbtc and E

traded at a discount for a very long time where essentially they were trapping people in these assets and at premiums too I mean imagine if you had fomed into these gbtc and eth products when they were trading at like a 20% PR premium during the the main year of 2021 uh and because they're a one-way vehicle you couldn't essentially convert these things to uh to uh the actual asset and then once the premium went away went into discount because of the bare market now not only are you holding you know these products uh and and and during a bare Market where the underlying is going down but also there's a steep discount on them the discount you know being 5 10 20 went go went 25% for eth before the ETFs got approved now E I believe is at like a 1% discount or

something like that so if you are someone who had been waiting for that discount to close over time and prices are good again prices are back to basically all-time highs again then you may just be like okay well I'm done with this I'm going to you know cash out here and maybe I'll think about re-entering later sort of thing so I do think there's going to be outflows from that and naturally there'll just be outflows generally too but I'm very curious to see if those outflows are going to be similar to gbtc or if it's going to kind of or if the bleeding is going to be stemmed there because if you're grayscale you have to be looking at what happened with gbtc and think yourself well if we keep the high fees on eth then the exact same thing is going to happen where essentially over half of

the the AUM of eth will FL flow out uh in into you know maybe even into other ETFs or out of crypto completely which I think last time I checked is around 6 billion dollars worth of eth that's that's half of what they currently have five five or six billion doar worth of eth that would that would go out of that and possibly go into other ETFs or just be sold generally and that is I guess like the bearish case if it happens the same way as it happened with g BTC because that could put a I I don't think it would cause the price to go like down in a big way or anything like that but it could put us into a sideways pattern for for a little while there uh but that's really the only bearish kind of thing I can see on the horizon here

everything else is extremely bullish right now actually which actually perfectly seg me into the next thing I wanted to talk about which was a tweet that I put out today where I said billions of dollars has not gone into eth because of the past regulatory uncertainty around it as an asset now though with the approval of the eth ETFs the market will re re will rate eth based on a removal of this regulatory uncertainty eth is a commodity just like BTC so this is a critical point that I don't think I see enough people talking about at all which is bizarre to me because everyone loves to talk about the fact that eth was a potential security but now that the eth ETFs have been approved the SEC has def you know basically admitted that eth is not a security it is a commodity now this was

obvious to anyone paying attention you know eth does does not act like a security at Alles I mean it'd be very hard time to prove that eth is a Security based on all the facts and circumstances but in the eyes of the regulatory regime eth is now de facto a commodity and I mean it has been a commodity for years now but now that the SEC has basically admitted it what this does is it not only opens up the billions tens of billions potentially hundreds of billions of dollars uh that is part of the ETF ecosystem but it also opens up ethereum as an ecosystem and e as an asset to all of these other players who have steered clear of it because of the regulatory uncertainty around it this may not mean anything to me or you as personal individual investors but this means a lot to these

big money investors the people who manage other people's funds because there are a lot of punishments for them if they do the wrong thing in the form of fines uh you know possible jail time things like that obviously there are laws and regulations that they have to follow whereas for us individual investors we're not going to get prosecuted for any of this stuff you know we're managing our own money it's completely fine right uh you know even if an asset is declared as security and you had been trading it nothing's going to happen to you that's just not the way the laws and regulations work the owners is on the the bigger plays at the end of the day especially the ones managing other people's money which as they should be honestly if you're managing other people's money I feel like you should be regulated to the you know to

hen back essentially in a proper way because of the fact that uh you can't really trust someone else with you know with with money like that and that's again I guess a big reason why we're building defi is because we're trying to build a trustless financial system but the existing Financial system and much of the trustless financial system that we're building will still have elements of trust to it and we still have uh you know need for trust and and certain regulations to make sure that people don't run off with other people's money or doing the farest things with them without they being recourse because of that but on on that note of eth being a commodity here I think that there is a really nice example of my argument uh from someone who you may not suspect this would come from but Michael sailor

now obviously everyone knows who sailor is right the guy with billions of dollars buying BTC been doing it for years uh and he's hailed as some kind of like hero because he buys so much BTC and just marker buys it right he doesn't doesn't seem very price sensitive there but because of this he's B basically one of the biggest names within crypto and whenever he says something people tend to listen now traditionally he's been a I guess you could call it Bitcoin maximalist where he was basically like you know it's only BTC everything else is a security everything else is trash you know there's no second best you only have one chair all the memes that you've seen around sailor but for those of you who haven't seen it I think it was a couple days ago there is a video clip of him uh of saor an interview with Michael

mccor Michael um Peter mccormac on what Bitcoin did where essentially he was saying that okay well now that SEC has approved the eth ETFs he can imagine a world of not just Bitcoin or BTC but a world of crypto assets a world of you know a crypto as an asset class rather than just Bitcoin as as the asset class that represents all of all of crypto here now the reason why I bring this up is because this is a huge pivot for sailor if you've been following him for years you'll know that he has never really acknowledged ethereum or ether other crypto assets other than to basically uh you know fud them or basically trash them but then he's going on what Bitcoin did which I would consider to be one of the most Bitcoin Maxi podcasts out there with one of the most one of the biggest Bitcoin

maximalists Peter mccormac and saying straight to his face that he thinks there's going to be a whole crypto ecosystem and he thinks that eventually people will have maybe 60% of their crypto portfolio B BTC with 40% being other things there now as I said that's a huge pivot but this is what I'm talking about when it comes to the regulatory uncertainty being lifted here for someone like saor he definitely wanted to stay on the right side of regulations on the right side of the law because of the fact that he was doing it through micro strategy and there's all regulations on him so obviously I didn't agree with what he said and obviously I think that him changing his TR is hilarious because of the fact that he seems to only have changed it because the SEC has blessed e and you know by I

guess virtue of blessing eth bless the rest of the crypto ecosystem as not a security but I think the way thinking about it and the way that he's pivoted we're going to see that same thing repeat across all of the tradire ecosystem now especially since black rocks involved too I mean the amount of power that black rock wields generally within tradire is already just absolutely massive and now they've entered crypto in a really big way with these two ETFs that they now have the BTC and eth ones and Larry Finks going on mainstream media talking about tokenization and now this regulatory uncertainty is you know is lifted here and it's not just the atfs being approved it's also the fact that that that fit 21 bill is making progress through uh through you know I guess the political sphere in the US maybe it

doesn't get passed through the Senate but hey there is movement happening here and there is a shift in policy and there's a shift in Attitude from the Democrats and I really do think that this has been completely underpriced it's not even priced in at all at this point the crypto natives don't understand this for starters you know I would say the vast majority of crypto natives are degenerate gamblers they do not understand this at all they're just interested in you know the short-term quick bucks that they can get you know Meme coins whatever it is there's nothing wrong with that like I've said this before but the point is is that if you want to look bigger picture here you want to look longer term than a you know a few weeks or a few months this is just a Monumental event for all of crypto not

just for eth as I explained the other day this is for all of crypto but especially for eth there is so much money that's now going to be flooding into eth that just wasn't going into eth before due to this regulatory uncertainty and quite literally it is hundreds of billions of dollars guys if not trillions of dollars over the you know 5 to 10 year time time frame that's going directly in to eth you know and BTC of course uh and potentially other assets down the line but not maybe not for a few years there which is obviously hugely positive for its value here and hugely positive for the ethereum ecosystem so I'm as bullish as ever guys like this you know like obviously like it's it's it's kind of funny for me to say that the eth ETFs being approved has made me incredibly bullish on eth but as

I just explained to you there is this kind of digesting that still needs to go on with the wider ecosystem where it's only been you know a week since we found out that the ETFs were actually going to get approved there is no way that the Trad for ecosystem has even begun to price this in they move incredibly slowly crypto moves very quickly you know and crypto still hasn't priced it in mind you but the Trad for ecosystem moves incredibly slowly it's going to take them many months to digest this many months to come to terms with this and get a strategy around it because they have you know those regulations in place because they are a 9-to-5 ecosystem they you know they work on business hours because they need to put in all the infrastructure to support this stuff it's going to be a multi-year

kind of play here guys and as I said yesterday I truly do believe you know 5 10 15 years out from now eth can be in the tens of trillions of dollars of market cap very easily I really don't think that it's going to be a hard Trek to get there given that eth is a commodity it is a commodity unlike any other commodity by the way it's very much better than BTC as I've explained plenty of times on the refi before but because of all of that I think that eth is going to continue to be the world's best asset and uh the world's best commodity in my eyes or at least digital commodity of course um and the etherum ecosystem is going to continue to grow which feeds value directly into eth as an asset there but I'm going to leave that bullish R there for today because

I'm already at the 50 minute Mark and I got a bunch of other stuff I want to get through here uh but yeah I hope you hope you enjoyed that but uh I guess like nothing's priced in at this point that at this stage that's my entire Point here guys like even if you think stuff is priced in it's not I'm telling you I I can guarantee this oh I'm not going to guarantee it you guys know I don't really like guaranteeing things it's like 99% that it's not priced in at all here because it just hasn't had the time to do that it takes time guys like it may seem like it should happen faster than it does because we're you know terminally terminally online addicted to crypto but really it just takes time guys and it's going to take months it's going to take years but we're going to

get there and long-term investors are the ones that are rewarded yes you can go DJ and play you know DJ games and try and do short-term things but maybe just do that with a small part of your stack and have the long you know the bigger part of your stack being in the long-term more secure Investments yeah so you can sleep comfy I mean for me it's got going on what 8 years since I've been invested in eth and it is still by far my comfiest hold guys like I have never felt more comfortable holding an asset in my entire life doesn't matter what asset it is crypto or otherwise I don't feel that comfortable holding anything else I don't feel that comfortable holding um Australian dollars in my bank account I don't feel that comfortable with my you know my house that I have my some of my

other possessions that I have uh whether they be Investments or otherwise I feel extremely comfortable holding eth as an asset here and really it comes down to the fact that eth is a decentralized commodity uh that the world has just not seen before and that has so much growth ahead of it that it's just insane for me not to keep buying eth even at these prices which may seem relatively high if you went through the bare Market where you had the opportunity to buy eth at like 1 to 1.5k for a little while and then 1.5k to 2K for a little while now we're at 4K basically so and that you know that can quickly get away from you as well we could be at 5 or 6K in in you know in a couple of weeks we we could I mean that's how fast these things tend

to move um but still like I just I I don't see anything else out there that I can justify uh putting you know money into as a story value as a savings account for long periods of time other than eth there but anyway end that bullish rant there got a few other things to get through so first thing here was that Tao is now live on the ethereum main net now I know what you're thinking probably oh another layer two going live you know what's the big deal cool we already have enough layer 2os I I I generally agree with that statement that there is a lot of layer tws right now and a lot of them alive and running and we already kind of seeing some pull away from the pack as opposed to others you know obviously there's bass and arbitrum that have you know pulled

pretty pretty heavily away from the pack but there's others on their tails guys there's others growing here but when it comes to Tao they're doing something very very different to what the other rollups are doing in a few different ways but what they've launched today is particularly exciting because they've launched their first version of their based uh cont uh sorry the uh the BCR which was called the the based contestable rollup so what essentially this means is that not at launch but very soon they're going to be sequencing the transactions that happen on Tao through ethereum block Builders through uh the I guess like ethereum validator set essentially here and the reason why this is exciting is because there is a the thesis out there that the ultimate end game for sequencing is for for sequencing for rollups is essentially

they just use the L1 validators because when you think about inoperability between the different l2s and between the different rollups and you think about things like shared sequencing and the AG layer from polygon and a few of these other efforts out there the toughest Battle of all those Solutions is basically creating a shelling point for that solution so for example the toughest point of a shared sequencer would be to get everyone to use that shared sequencer right or to get everyone to to essentially cooperate and use that thing and the the same is true for like polygon's agay and and it the uphill battle is getting people to actually use it getting the projects to actually opt into it um which is uh I mean not not to say it's not going to happen but it is an uphill battle right and I'm I'm still very bullish on those

Solutions but when you kind of look out you know 5 10 years from now and you think to yourself okay well what could the potential end game be for sequencing what makes the most sense you arrive at the conclusion that the most sense becomes the ethereum validator set as the shared sequences so to speak as the sequencing Network for rollups and there's two reasons for this the first reason is that it is a very obvious shelling Point everyone already uses ethereum the rollups are using ethereum as their settlement layer already right it is already the deao shelling point the ethereum blockchain itself ethereum L1 the ethereum validator set there's no need for the rollups to opt in because they're already in they're already in by nature of being a roll up they're

already in all they have to do is essentially change their sequencing to the ethereum chain and because the ethereum chain is a shelling point for every other rollup as well to do this we could see that being the ultimate end game where they all just use the L1 validator set for sequencing now you may be wondering doesn't that mean that these rollups are going to give up the revenue that they're making uh by sequencing transactions no because what the rollups can still do is make money off Computing and executing the transactions whereas sequencing has got to do with the ordering of the transactions whereas Computing and executing them as as in doing the actual work behind the transactions can still be done within the block Builder Network that kind of exists uh you know I guess like e at e L1 but also at the at the L2

as well so they don't necessarily have to give up the revenue that they're making here in order to do this and by doing Bas sequencing essentially what they get to do is operate with all the other rollups that are doing this as well and you have basically a completely interoperable rollup ecosystem so if we're looking out five to 10 years and we're looking at what the end game of interoperability for Roll-Ups looks like I think the logical conclusion is this and that's what's the most exciting thing about Tao to me at least is the fact that they've actually implemented this on mainnet already this is not a pipe dream guys this is not something that is in theory land this is not something that we have to kind of speculate on it's life like I know that I said that that the um transactions are

actually going to be sequenced by eum block Builders soon but the infrastructure the actual kind of scaffolding here is live right now today as I mentioned before Tao you know did their announcement thread in in their life here so it's not up in the clouds we don't have to dream about it it's it's reality it's not just a narrative right as I always like to say so there that which is which is really exciting but also the fact that because they are the first they get to prove out this thesis for people because I'm sure there are a lot of teams out there a lot of rollup teams out there watching this and being like okay this looks interesting but let's see how plays out here let's see if this actually works let's see if it actually adds uh I guess um adds uh adds value here let's see if it actually

does what it says it does and as Tao begins to sequence transactions on through ethereum block Builders here on the L1 we're going to get more data on that and then more and more rollups are going to probably end up uh opting into that I think especially if they can guarantee that they're still going to keep the majority of the revenue that they're earning today for the l2s themselves without having to give it up to L1 Val validators so we're going to see how that all plays out there I think that it's really really cool that this exists I think that it definitely seems like the obvious end game to me but yeah as I said we're going to have to see how this plays out there so big congrats to Tao for putting this out there for putting that live I should disclose here

that I am an investor in Tao I mean I I couldn't pass up to opportunity to invest in Tao because of the fact that they're building something very different to the other l2s like that's what I'm looking for these days especially when it comes to l2s is that they are they doing something different because you know there's a million evm l2s out there now and I guess like that's cool but hey I want to invest in teams and I want to be closer to teams that are doing something different Tao is definitely one of those there are others out there as well that I'm helping as either an investor or an adviser but yeah a lot of really cool stuff happening on that front uh there but you can go check out Tao's announcement thread for yourself I'll link it in the YouTube description below

and last thing I want to say on Tao is that because they are now live as a roll up on the ethereum network they are now posting blobs so you can see that Tao is currently uh responsible for around 15 to 20% of all blobs posted to ethereum mayet which is comparable to what base op uhet and arbitrum are doing right now which is kind of funny because I doubt there is the activity to match that so it might just be the fact that they've just gone live and they have to optimize how Tao handles blob so I'm going to keep an eye on how that's going uh going forward but it does mean that uh blob prices are back to or I guess like the the usage of blobs is back to a level that has not not been seen since I believe uh quite a while now actually I

mean this is only the past 5 days chart but I think that if we go uh here and we can maybe see this yeah I think this hasn't been seen since that Mania from inscriptions so since about April here so that that happened pretty pretty quickly but this goes to show you guys that each time another rollup comes online and posts blobs you know it's just going to keep getting filled up and this is what I've been talking about a lot where I basically said that you know right now we're not at capacity for blobs but that's not going to last forever there's going to be more and more robs coming online there's going to be more and more Demand on the rollups that already exist they're going to be using more and more data over time uh and then obviously there's a limit to

how much data can be used with blobs and then we're going to see how that all plays out uh when we kind of I guess like increase the size and count of blobs as well as doing things like P Das and so on and so forth right so a lot of really interesting and cool stuff happening there uh and great to see that all uh all continuing to happen you can go check out the blobs dashboard here from Hill Dobby I'll link it in the YouTube description below for you to do so all right last up just wanted to speak to this tweet that the ultrasound money uh kind of account put out today so they have a new tracker live on the ultrasound money website now this is the flippening tracker now for those of you who don't know what the flipping is I

think you all know what it is but it's basically when E's market cap flips bitcoin's market cap and it has been a narrative for a very long time now since I would say 2017 um and he came very close to actually flipping BTC in 2017 but since then it hasn't really gone back up to where it was but this new chart here has this kind of weird TA or technical analysis happening on it where it's drawn this massive triangle from the Genesis of um you know eth to to today and showing that hey okay if this trend continues uh the flipping is only about 2 years and 3 months away now I do want to point out that I think this is ridiculous like I love the ultrasound money website I love the ultrasound money meme and and all the people behind it but this is this is this is kind of

ridiculous this this trend line I don't think it represents anything I I think that it's pure kind of hopium it looks like the stock to flow chart to me so I just I wanted to point out this chart for that reason particularly because I saw that and I'm just like eh I don't I'm not really feeling it guys I'm not really vibing with it and also the y axis is ridiculous it goes 1% 10% 100% like what it's just it's just it's just a funny chart all around there but regardless of that I think that it's still an important kind of topic to talk about because of the fact that the flipping narrative is usually something that obviously people talk a lot about when the eth BTC ratio is going up now the eth BTC ratio has gone up quite a bit since the eth ETFs were uh approved

essentially it's gone up from 0.046 to 0.056 which is a lot relative to where it was but if you look at the longer term chart here I mean we're still technically in a downtrend and I'm not going to say it's not going to keep our performing from here I do think it will but the premature celebration always makes me laugh because it's like guys like let it breathe right like I understand being excited about it I understand it's something that a lot of the eth ogs have wanted to see happen for a very long time now but I wouldn't be celebrating over a movement like this what I would be celebrating is when it's the trend reverses and and reverses in in a really big way here where it's confirmed reversed but at the same time there is a reality where eth doesn't

flip BTC in this market cycle either I mean you could go to like 0.12 or something like that on the ratio that wouldn't be the flipping the flipping on the ratio I think is 0.16 1 last time I checked now eth could go to 0.12 and then just stall out there and then go back down from there but but what I will say about this is the general trend of eth BTC has been up over the long over the longer term right and eth performed much better against BTC this bare Market or or I guess like the bare Market that we just experienced uh over the last bare market so for those of you who don't know in 2018/29 uh eth went down 90% against BTC whereas uh that the bare Market that we just got out of or the E BTC seems to have just got out of um from from Peak

to the low it only went down 50% yes the peak was not as high as the previous Peak but the perform relative performance was a lot better here and now because eth has an ETF now going forward as well I do think that eth BJC is going to be generally a strong performer uh going forward here because I did say before I think on the refuel I don't know which episode I said it on I said it a little while ago I did I did I do remember saying that because of the fact that we have um essentially the BTC having an ETF and E didn't have one it was only natural that the uh e BTC ratio would bleed because BTC had all this fresh money going into it that eth didn't have that soon when the eth ETFs go live is no longer going to be the

case they're going to be on relative equal footing here depending on flows as well but they have access to the same capital and I do think eventually e is going to attract more Capital than BTC because not only e is e a store of value commodity it is also a tech bet as well so like imagine you're seeing N Video go nut right now you're like okay well Nvidia is going nuts AI is hot you know and and crypto starts getting hot again you're like I want to buy something that's you know Diversified away from from Nvidia from Microsoft from Apple all these tech companies uh that you know is distinctly different and then Here Comes Black Rock and others saying hey ethereum is a tech bet and you can buy eth and it's also like BTC where it's a crypto and where it is like a

store of value and hey it has deflationary Supply and then eventually when they have the staked ETFs they can be like hey you can stake it and earn a yield and we all know how much you guys love passive income right how much you guys love dividends so and you know there's the burn right like I just I can think of a million ways to she'll eat right but I'm not going to get into it now uh but that's what we're playing with here guys that's the bullishness that we're playing with here so yeah but I just wanted to make a small comment on that uh and and discuss that a bit more broadly there but I think on that note that's probably going to be it for today's episode so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't

yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone