Ethereum is currently one of the most undervalued assets. The price of ETH is currently at $2Z ,000, down nearly 60% from its all-time high. So what reason do many people continue to overlook it while still tracking $BTC ?
David Duong, Head of Research at Coinbase, believes this could be a big mistake. He argues that Ethereum is being underestimated in the market, and while many investors have abandoned altcoins after a tough period, he believes that ETH is quietly preparing for much larger shifts.
An important factor here is the regulatory issue. Recently, the SEC and CFTC classified $ETH as digital commodities, which clarifies the position of staking outside of securities law. For institutions seeking transparency, this could be a signal for them to enter the market.
Additionally, BlackRock is also getting in the game. Their new Ethereum staking ETF has attracted up to $254 million in just the first week, becoming the fastest-growing crypto ETF this year. With about 95% of ETH being staked, the supply is becoming more limited while demand continues to increase.