"We believe that ETH's current price is still significantly overvalued; still significantly decoupled from the Ethereum network's current and near-term technological state. Our research has led us to believe that the market and technology is still far too immature to justify current valuations. This nascent asset class has taken off due to speculative narratives, and we believe that the current marketplace is not sophisticated enough to properly evaluate risks or general economic concerns."
"We believe ETH lacks the crucial characteristics required for a dominant SoV, and we see a low probability of ETH taking the reign from the current crypto-asset leader, BTC - let alone from incumbent globally dominant assets like the USD and Gold."
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