Tom Dunleavy, Head of Venture Capital at Varys Capital, stated on Wednesday that the foundational "ultrasound money" thesis for Ethereum (ETH) has effectively broken down. However, he suggested the resulting wave of pessimism, exemplified by Bankless founder David Hoffman's recent sale of all his ETH, could itself be a classic market bottom signal.
Speaking on Scott Melker's "Wolf Of All Streets" podcast, Dunleavy highlighted Hoffman's public reversal after years of championing the narrative. “他称霍夫曼的语气变化是‘经典的底部信号’”，这种投降经常出现在坚定的信徒退出时。
邓利维仔细区分了以太坊网络和以太坊资产。他认为，该网络本身在 DeFi、稳定币和锁定的总价值方面占据主导地位，可能会保持成功。 “如果以太坊失败了，加密货币就彻底失败了，”他说。 Conversely, he expects the ETH asset may continue to underperform other crypto narratives in the near term, as it faces a "'ship or die' moment" amid intense competition.
The analyst also dismissed the significance of a reported $1.29 billion dark pool trade involving BlackRock's iShares Bitcoin Trust (IBIT), calling it "pretty worthless" in a macro context.他指出，随后的 ETF 赎回金额仅为约 1.22 亿美元，这表明对更广泛的市场影响有限。
At the time of reporting, Ethereum's price was down 0.8% over 24 hours, struggling to maintain the $2,000 level, as retail sentiment turned bearish.