🧵 1/7 Our take on SEC's Project Crypto and ETH impact: $ETH ethereum outperforming the crypto since early April. Below shows ETH/BTC ratio and we can see the sustained rise ...fueling this is Wall Street running towards ETH as stablecoins created the "chatGPT" moment ticker: $BMNR

2/7 Yesterday, SEC and White House unveiled 'Project Crypto' to move financial markets on-chain @CNBC ticker: $BMNR

3/7 The goal is to forge US leadership in the 'golden age of finance' - moving financial markets onto the blockchain - the largest 'smart contract' blockchain is ETH ticker: $BMNR

5/7 In the near-term, this argues the ETH/BTC ratio should recover to at least where it was 1-year ago: - the ETH story is stronger today than August 1, 2024 - Bitcoin is $114k - at 0.0500 ETH / BTC - ETH implied is $5,707 ETH is currently $3,600 @fundstrat digital asset team sees ETH fair value around $10,000-$20,000 potentially in the next 12 months ticker: $BMNR

6/7 Longer term, keep in mind, as Wall Street tokenizes real-world assets, Wall Street will stake ETH. Our take is here 👇 ticker: $BMNR

7/7 What does that mean for ETH valuations longer term? When Wall Street financializes onto the blockchain, and they own the protocol layer. This implies $60,000 ETH or more. This is for illustrative purposes only and not a forecast ticker: $BMNR