they say “you come at the king, you best not miss” but ethereum did come at the king — bitcoin — and sadly it missed. in fact it came at the king twice twice ethereum came somewhat close to flippening bitcoin and twice it failed. so now it is basically an accepted fact that the absolute ceiling for ethereum is bitcoin’s market cap. very few people believe it could ever go higher while most crypto projects want bitcoin to go higher, as it raises the ceiling for everyone, .eths still want bitcoin to go lower because they don’t understand their position. everyone else sees it tho so the absolute most bullish scenario imaginable for eth is that it outperforms btc 2x-3x and then dumps back but here’s the problem: institutional capital already has reliable ways to outperform btc 2x-3x. the best vehicle is probably MSTR. it is better correlated with BTC and has less downside risk than ETH but is likely to outperform 2x+ if BTC goes absolutely parabolic so if you’re a capital allocator, why do you need ETH exposure? the truth is that you don’t. this will become more obvious over time