Joseph Chalom: Ethereum Is Extremely Oversold (2026 Bull Thesis)

Transcript

We got to address the elephant in the room. If you look on crypto Twitter, if you look at people that have been ETH fanatics, you had the bankless guys breaking up and one guy selling all the ETH. You got people claiming that it's the easiest short ever, dunking on everyone. I mean, Rob was just kind of giving this analogy to 2018, the the first bare market that we went through where was blockchain, not Bitcoin. Bitcoin had fallen and gotten crushed. Everyone was bullish on the promise of blockchain, but had, you know, had these really negative jaded takes about Bitcoin. Everyone right now is very, very bullish tokenization and stable coins, but still seems to have these negative jaded takes on ETH, the asset.

Let's set the stage for the conversation. Joseph Shalom, is ETH dead? >> Uh, no, it's not dead. I think when people capitulate is the time that smart money is made. And can I take a step back? So, Sharplink is the second largest corporate holder of ETH and I think we just need to tell that to your viewers. I have a stake in the outcome here. Um, other than Tom Lee, we are the second largest holder of ETH. And let me just give you my perspective and this is one human's perspective. I'm not looking for crypto Twitter to blow up and create hate here. The noise is missing the big picture. Let's step back from the short-term drama around the Ethereum

Foundation and why don't we actually be objective and look at what Ethereum has delivered and how it's positioned. Let me start by saying you guys go came from a a sports school. Look at the scoreboard. So in the prop properties that matter most for institutional adoption which is the future of Ethereum, Ethereum has the most trust, liquidity and security objectively speaking. It has the license to win. But sometimes in life you have the license to win but you're not winning. In all the categories where that license converts into real economic activity, Ethereum isn't just winning. It's winning by a mar a large margin. 50 plus

percent of stablecoin value globally settled on Ethereum. Tokenized assets, you know, as soon as some of the next projects are tokenized that have been announced, it'll have 70% of all tokenized assets in the Ethereum ecosystem. And it frankly is the default for high value DeFi transactions. So like there is no competing chain that's close on any of the dimensions. So, I want to start with a reality check. Look at the scoreboard. And these did not happen by accident. And I'd love to have a really heated conversation. And I'll give you my hot take on what's going well and what's not. But the scoreboard says Ethereum is winning and it has a license to win.

>> Yep. And we want to get into some of these hot takes as well, but we also want to we want to talk about the facts. And the fact is that Ethereum is winning when it comes to stable coins. You mentioned over half market share when it comes to all the stable coins. It's winning when it comes to tokenization and RWAS. Significant amounts of RWAS are on Ethereum. But let's get into some of the spicy stuff. Mr. Shalom. I mean, the asset is just not reacting to the lead that Ethereum has in some of these very significant categories despite the stable coin super cycle, despite the importance of tokenization broadly for finance as a whole. With all of this happening, it seems that the asset would be acrewing a lot of value. People have

been saying that something when it comes to the value acrruel mechanics is broken. I'm sure you can tell us and help us figure out and separate facts from fiction here. When it comes to ETH the asset, what are people not understanding? >> I think people don't understand that we're at a step function moment. And I'm not talking about Ethereum continuing to own 70% of all tokenization. I'm suggesting that right now there's only about $ 32 billion of tokenized assets in the world. You're going to start seeing that go up by 5x, 10x, maybe even 100x. Um, and when that happens, you want to be on a chain that's actually been building for that moment. And I

have a great analogy for you. People really really gave Jeff Bezos a hard time as he was building his book selling business. It was losing money. It was losing money for years. And they basically said, "Look at the price. Don't look at the activity." And he would say very clearly, "I'm not selling books. I'm changing and building a platform that's going to change the future of commerce. And you need to be patient with me because the TAM is going to be huge." And it turns out from those days Amazon's price a thousandxed. So I think we need to take a step back and say Ethereum actually has been doing the right things. The foundation is trying

to become even more decentralized. And by the way that is not a bug. That is a feature. Look at what they've delivered uh over the years. And if I had a trade-off and we'll get to the price of ETH in a minute. If I had a trade-off of having a chain that is amazing amazing at shortterm marketing and selling and conferences versus a chain that's built 10 years of security throughput uh privacy is coming and quantum proofing and you're taking a long view. I would take the chain that's decentralized and is building the platform over the future over a shortterm uh marketing engine. And I'm not trying to FUD anyone. I have a lot

of respect for the other chains out there, but I'd rather bet on the one that's building for the future because the value to Ether will acrue when you see these step function changes coming uh to the ecosystem. So like I'm not in a defensive position. The debate we should have is what is the role of the Ethereum Foundation versus the role of the private sector in the go to market and the marketing around the Ethereum institutional adoption. It is clear to me that the EF is not interested in being the go-to market and marketing arm. They're interested in building security, trust, throughput, and quantum proof, which I would take if I had a choice in a minute. But it means that people are going to need to step up. And

I'm being very very direct