Ethereum's Ultrasound Money Narrative Collapses Amid Pessimism

Varys Capital's Tom Dunleavy said Ethereum's 'ultrasound money' narrative has broken down. He called rising pessimism around it a potential 'bottom signal'.

Dunleavy dismissed BlackRock's $1.29 billion iShares Bitcoin Trust dark pool trade as 'pretty worthless', noting only $122 million in exchange-traded fund redemptions followed.

Ethereum is struggling to hold above $2,000, down 0.8% over the past 24 hours. Dunleavy said Ethereum could continue underperforming even if the network itself remains successful.