Speakers
- André Dragosch - Head of Research, Bitwise Europe
- Joseph Chalom - Co-CEO, Sharplink
- Aleksandar Bukovski - Analyst, The Big Whale
- Raphaël Bloch - Co-Founder and Editor-in-Chief, The Big Whale
Macro & Fed
- A Fed rate cut in September almost certain (Polymarket >95%).
- Expected: 25 basis points, possibly 50 bps → steeper yield curve and increased liquidity, positive for Bitcoin and rare assets.
- US and global money supply at historic levels.
Bitcoin vs Ethereum Treasuries
- Rotation observed: capital moving from BTC to ETH, not towards altcoins.
- Bitcoin Treasuries (ex: MSTR) very premium MNAV (1.3-1.4x) vs ETH Treasuries (1.1x).
- Market still undervalues ETH staking yield and gamma opportunities.
Sharplink Strategy (Joseph Shalom)
- $3.7bn in ETH, target: long-term accumulation, yield seen as a "bonus".
- Differentiation: institutional team, links with ConsenSys (Joe Lubin as chairman), creation of operational companies in ETH.
- Role of ETH as settlement layer for stablecoins and real assets (RWA) key to future growth.
Ethereum outlook
- Post-Pectra: uncertainty over roadmap reduced.
- Return staking tends towards LT equilibrium ~1.8%.
- ETH volatility makes equity-linked and convertible structures attractive.
- Sharplink sees a Ethereum macro cycle, not just a short-term fad.
Risks & Competition
- Political instability in Europe signalled but not systemic.
- Crypto not yet safe haven in crises - liquidity needs dominant.
- Altcoin DATs (e.g. Solana) less relevant for institutions: ETH leader in DeFi, stablecoins & tokenisation.
- DATs (Digital Asset Treasuries) = decadal opportunity: BTC = store of value, ETH = application layer → complementary.
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