Ethereum has dropped 17% since our trend model turned bearish on October 8, and the downtrend persists. We covered our short last week, and that may have been early. This report goes back to the question that matters for allocators: is there still a fundamental case for owning ETH?
We look at what has happened to fees since the Merge and the Dencun upgrade, why staking yields can’t compete with Treasuries, what stablecoin flows are telling us, and how much of the price depends on a single buyer.
We also compare eight years of backtests across buy-and-hold, breakout and trend strategies, and the results may surprise anyone still treating Ethereum as a core holding.
Bitcoin (LHS) vs. Ethereum (RHS) - a widening gap?
We are also adding a new section to our Market Updates landing page (https://update.10xresearch.com/). It shows our current views and links to the key reports behind them, so subscribers can quickly find what matters. We will update those reports whenever our view changes materially, across all 10x Research publications.
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