Bitwise Investments Chief: Ethereum Finally Shows Its Value After This Year's Downturn

"Ethereum is undervalued as a platform"
"After being undervalued until the end of the year, it will finally shine"

Matt Hugan, Bitwise Investment Manager, claimed in an official blog post on the 18th that Ethereum (ETH) is currently in a slump and that a rebound is expected after the end of the year.

Hughes pointed out that Ethereum has been sluggish recently due to ▲risks of the US presidential election in November ▲emergence of competitors including Solana ▲growth of layer 2 networks ▲net outflow of Grayscale ETHE.

“Ethereum’s returns versus Bitcoin (BTC) are at their lowest levels in three years,” Hughes wrote. “While Solana is up 31%, Ethereum continues to stagnate.”

Despite the various risks, Hughes argued that Ethereum will eventually shine as a network that currently holds more than half of all stablecoins in circulation and 60% of DeFi funds.

He wrote, "Ethereum is a major platform leading Web 3.0, and it will eventually become the final choice when large companies choose Web 3.0," and "As the Microsoft of the blockchain world, Ethereum's crisis is just a passing situation." He continued, "From the current perspective, Ethereum's crisis is not a crisis, but rather an undervalued situation, and this situation is expected to continue until the end of the year."

Reporter Kwon Seung-won ksw@