The post Wall Street Still Doesn’t Really Get Ethereum, Says 10X Research appeared on BitcoinEthereumNews.com.

In the wake of the much-anticipated Ethereum ETF launches, Wall Street appears to be grappling with how to effectively communicate their value to potential investors. According to a new report by 10x Research, BlackRock has resorted to describing ETH as “a bet on blockchain technology.” However, this characterization may not be resonating with traditional investors. “Wall Street people usually don’t place bets on things they don’t understand,” the report notes. This uncertainty comes the day after the ETFs saw a total net outflow of $133 million on July 24. Grayscale Ethereum Trust (ETHE) had a net outflow of $327 million, but that was offset by the firm’s Mini Ethereum ETF seeing an inflow of $46 million and Fidelity taking in $74 million. That means on day three of trading, the total net asset value of U.S. Ethereum spot ETFs is $9.5 billion, according to data from SoSo Value. The lack of a clear, compelling narrative for ETH stands in stark contrast to Bitcoin’s widely accepted “digital gold” positioning, 10x Research notes, adding that it remains bearish on ETH. “Ethereum might be the weakest link, where fundamentals (new users, revenues, etc.) have been stagnant or lower,” the analysts write. The research firm also points out the absence of major marketing campaigns from Ethereum ETF issuers, noting, “Isn’t it bizarre that Vitalik is not on Bloomberg or CNBC explaining what Ethereum is? Does he even care? Have you ever seen this during an IPO when the company is not running some form of awareness?” It’s worth mentioning that Vitalik Buterin, one of the Ethereum co-founders, has been a reluctant figurehead. In a January blog post, he wrote about passing the torch to other up-and-coming leaders in the Ethereum community. And he’s pointedly avoided answering questions about the Ethereum ETFs, even when asked…

---

Filed under: News - @ July 26, 2024 10:28 pm