00:00 Speaker A
The crypto rally hit a stumbling block this morning after that hotter than expected wholesale inflation print. Bitcoin off the fresh record high it earlier this morning. Ethereum regaining some momentum and we’ve seen um Ethereum looking to march towards its first all-time high since 2021. For more on the outlook for the crypto market, we’ve got a panel of experts. Brady Dale, Axios crypto reporter and Noel Acheson, the author of the newsletter Crypto is Macro Now. Thank you both for being here. Um Brady, I want to talk about, yes, Bitcoin’s getting to a new record high, but Ethereum has been stealing the thunder as of late. Can you tell me a little bit about what has been behind this latest push because it hadn’t been keeping pace and then it kind of hit the gas.
01:16 Brady Dale
There’s a lot of good things going for Ethereum. You know, it’s gotten a lot of good upgrades this year that people are really happy about that accrue more value to the chain. Um but I think probably the most important force has been this digital asset Treasury company trend. So, you know, as your viewers probably know, there’s been a bunch of publicly traded companies that have been going out there and buying a ton of cryptocurrency, all kinds of cryptocurrency. And it took a while for that to get started with Ethereum, but now it’s going crazy. The two in particular ones are Sharplink Gaming and Bit Mine Immersion Technologies, but there’s others too. And um yeah, they’re just they’re buying so much ETH that it’s taking supply off the market, um just as investors seem to start to be wrapping their head around the cryptocurrency. And so, you know, more demand, less supply, price goes up.
02:48 Speaker A
That is how it works, isn’t it? Noel, what about you? What are you hearing um within the the crypto industry about Ethereum’s latest move and and also this latest wave of of that treasury adoption?
03:13 Noelle Acheson
I’d argue that the regulatory play is as important because the run started really when it looked like the Genius Act was going to get passed. And why? Because stable coins still to this day largely move on Ethereum. And so Ethereum is going to be much better positioned to benefit from any increased stable coin adoption than would say Bitcoin. And then of course we have the progress of the Clarity Act through Congress and that is going to benefit the Ethereum community much more than the Bitcoin community. And so I think what really happened here was we saw this regulatory thaw and we saw investors look around and ask themselves, why has ETH so underperformed Bitcoin so far this year? Maybe there’s a catchup coming. They started piling in, the treasury narratives kicked in as as Brady said, and then momentum did its thing.