Everyone Hates ETH... Is This the Ultimate Buy Signal? #CryptoTownHall

**Scott Melker** (0:00)
Well, good morning, everyone. Before I go too long, someone give me a thumbs up to make sure that you can hear me.
OK, cool. Got it. So here we are. It's a glorious Monday, at least for those of us who are long suffering nickvans. And it looks like the market seemed to like it, too. All kidding aside, you know, we picked this title because of what Ethereum was doing on Friday, but this morning it's rocketing since probably because of bitmine's preferred shares, raising money to be buying when there just isn't a lot of sellers out there. But certainly markets, risk markets are up. And everyone is once again believing that, yes, this war is going to end, etc., etc., etc. And without regard to what people think, just curious, because if you look, you'll see that Bitcoin dominance has actually fallen a bit today. At least Ethereum has outperformed Bitcoin, despite this rally, which has been going the other way. And at the same time, we're seeing other more speculative crypto assets up and down the line, having a very, very good morning. And so the question is, is this because liquidity is coming back in, or is this a bull market or a bear market rally? So curious what people think.
I don't want to pontificate too much. I mean, generally, our resident Ethereum bull is William. I see you up on stage. So what are you thinking? Do you think this is a bitmine thing, or do you think that that bottom needed to be held, it held, and so here we go?

**William** (1:36)
Yeah, hi everybody. Definitely, I think the bottom was tested twice last week, which is typically what needs to happen before a rebound. Obviously, I personally was not seeing Ethereum going anywhere lower than 1500, which was the theoretical low. I can't say I'm excited, because it's at 1800 I mean, not too long ago, we were in the 2500 range. It's going to be a tough road back. Obviously, the bitmine thing is a positive.
I mean, the story is the same. That's the thing. I mean, the markets do what the markets want to do, the war, all of that. In the meantime, Ethereum is chugging along. You look at any metric in terms of adoption, in terms of value settled, stable coin, transfers or issuance, tokenized assets, you name it. Pick any segment and the numbers are up there. So what keeps puzzling me is, when are we going to start to evaluate these crypto tokens based on fundamentals, or based at least on some semblance of metrics that have to do with adoption, not just with liquidity on, liquidity off?
So it's a refrain that I'm echoing here. And I hope for now, at least that the market will attract investors that see value, and not just look at liquidity and macro factors to determine what moves these prices.

**Amateo** (3:31)
Dave, I see Amateo's hand up.

**Scott Melker** (3:32)
Yeah, I did too, and I said it, but I didn't realize I was muted.

**William** (3:36)
Right, Amateo.

**Scott Melker** (3:37)
Go ahead.

**Amateo** (3:38)
Good morning, everybody. Happy Monday.
Congratulations, Nick's fans and anyone who enjoyed watching USC 250 the way that I did. But overall, it just seems like there's a couple primary things here, and a big part of this is just the macro response to the Iran deal, starting to create maybe a steady, but a testing environment for risk appetite. I feel like there's a little bit of a pitch here on, is it safer?
Are we heading into an environment where we can take on more risk? And I think this is just a testing of the waters. But I think to your point here, Dave, as you're starting this off, and it's good that we're seeing a bit more activity in these alt coins. I think we've had a lot of time to build and establish a variety of different theses around these coins. I think some of the overarching larger concerns around how the value of cruel comes back to these assets is still something that needs to be worked out. But I think overall, where the industry is headed from a purely adoption standpoint, and the progress that we're making, and the fact that eventually, there's been so much downward pressure for so long, that there might be now the time where people think that we're within a six-month, even 10-month range, where this will turn a corner, and we will start to see some activity on these other assets. And I think we're probably seeing some purchasing, and some averaging in on these things that have some promise to ride this trend as eventually it starts to finally turn a corner.