$ETH
ETH This time, the market value has gone crazy up by more than $200 billion—it's pretty alarming to look at, but the quality of the capital inside really can’t withstand a close inspection.
If all that money were real inflows—actual ETF money in cash or fresh stablecoin issuance—then the bulls could still hold their heads high; but if it’s purely driven by shorts backing down to cover and leveraged buying propping it up, then this paper wealth can turn into castles in the air at any moment.
And if, going forward, the price action can’t demonstrate a genuine improvement in the underlying funding structure, and instead allows leverage congestion to pack all the risk up into thin air, then the logic behind this bloated rally will have to be declared invalid outright
ETH This time, the market value has gone crazy up by more than $200 billion—it's pretty alarming to look at, but the quality of the capital inside really can’t withstand a close inspection.
If all that money were real inflows—actual ETF money in cash or fresh stablecoin issuance—then the bulls could still hold their heads high; but if it’s purely driven by shorts backing down to cover and leveraged buying propping it up, then this paper wealth can turn into castles in the air at any moment.
And if, going forward, the price action can’t demonstrate a genuine improvement in the underlying funding structure, and instead allows leverage congestion to pack all the risk up into thin air, then the logic behind this bloated rally will have to be declared invalid outright
