Ethereum breaking out vs Bitcoin. New Bull Run coming?

**Scott Melker** (0:01)
Well, good morning, everyone. I hope everyone had a great weekend.
Here we are on Monday morning, and we titled this because Ethereum breaking out versus Bitcoin certainly looks that way on the chart.
However, whenever you look at, I look at the 0.03 ratio level as important. It had failed that it is now there. This is happening as Ethereum is close to retaking the 2000 level amidst more commentary of Bitmine buying more. It's funny, we talk about Sailor all the time on this show. We don't talk about Tom Lee enough. I actually am more scared by that than I am by the other. But I think the bigger story here really is, is this a signal for what's happening in the entirety of the crypto ecosystem? And I'm curious what people think. I mean, I think in the summer, I take everything with a grain of salt, because we don't really... Lots of summer movements are small. I just remember the summer of 17
It was interesting, to say the least, before Bitcoin took off. We certainly saw some pretty volatile moves. And we're not seeing a lot of volatility right now. I mean, to us, these moves look big, because you're starved for any news to talk about. But the truth is, is the moves are pretty small on a lot of these charts and on what's going on in a lot of these markets. But it's this at the same time as green shoots and certain, believe it or not, memes.
Scott showed a story this morning, Shiba Inu up 22 percent, hey, we're back. And it's like, okay, well, maybe. Although I feel like the end of which was the movie, I kept trying to remember which was the movie where, I think it was Coming To America, Eddie Murphy did, where Randolph and Murder Murduck were in the dumpster. And he threw some money at them and they're back. It's one of those deals. I think it's like that. But it is definitely more constructive feeling out there. And in terms of Bitcoin in particular and other assets, and that's despite the chatter over BIP 110 You know, Ethereum, the chatter is about institutionalization and people building more and more things in crypto. And I'm seeing more and more stories this morning, more on things like BitTensor and other things. So we're seeing more. So anyway, what's your take on it, William? I was trying to trigger you and I see your hand. So go for it.

**William** (2:37)
Yeah, it's a good setup, David. It's kind of ironic because I never thought I'd get excited seeing ETH at 2000 again, which is a level it had two months ago, but also it had five more than five years ago, April 2021
So now I wouldn't count my chickens yet because we teased that level before. I really want to blow it and go way past it. In terms of the summer, it's interesting. The last high did happen at the end of August of last year. And the previous all-time high was around the July time frame. I'm talking about July 2021, more or less, close to that. No, sorry, it was November. But the summer proceeding was quite bullish. So, yeah, maybe the summer is not going to bring anything. Maybe it would.
But this all points to the fact that, obviously, I don't have to explain myself, but Ethereum is vastly, vastly mispriced at the moment.

**Scott Melker** (3:55)
So I could pull on that string, but I see Brian wants to go. So Brian, what are your thoughts? And then Adam.

**Brian** (4:03)
Morning.

**Scott Melker** (4:04)
Good morning.

**Brian** (4:05)
Yeah. So BTC vs. ETH, I was kind of chalking it up to within the realm of normal volatility. I think MSTR did not buy BTC for the fifth week in a row. So maybe there is more treasury support for ETH.
Obviously, lots of commentary on Robinhood Chain. A lot of people saying this is the biggest thing for Ethereum since Bitmine Immersion came along.
My first thought was like the recent strength for Bitcoin was maybe around the Clarity Act. And so, I think like this week is a key week for us. We've got this week and next to get it out of the Senate. I do think like BTC has regulatory clarity. So I do think it's probably more impactful for ETH. So maybe this is just bets around what could potentially happen with Clarity. And it does feel like there's more upside if it does somehow pass versus downside if it doesn't.

**Scott Melker** (4:59)
Yeah, I guess we'll see. We'll get into Clarity a bit more. I will, you guys will get to hear me rant.