Ethereum Won the Bull Market. Now ETH is Winning the Bear.

yo it's eth season baby the writing is on the wall this bare Market is shaping up to be the best risk adjusted return potential for ether the asset as a big ethereum fan myself I feel very Vindicated about the state of the crypto industry right now because a lot of what the etherium community has been saying over the last two plus years has come true in fantastic fashion I want to go through some of the common narratives throughout the crypto industry the ones chanted by the bitcoiners the ones chanted by the ethereum community the ones chanted by the saluna avac tribes

and talk about how everything is shaping up the stars are aligning to point towards ethereum absolutely dominating the entire crypto industry and how the stars are aligning in exactly the way the ethereum community has been saying that they would for years now especially during the rise of the alt layer one Mania where a lot of the ethereum community got drowned out by the faster shinier blockchains and the new communities that supported and also the bitcoiners who just bullied the ethereum community for years until we finally took the steering wheel in 2020 and 21 first I want to go back to the 2018 bare

Market where ether the asset was down 94% from all-time highs and in contrast Bitcoin was down 84% now the difference between being down 94% versus only 84% is not a difference of 10% ether wasn't down 10 more per than Bitcoin was at the end of 2018 that's a difference of 60% because have just how percentages work now fast forward to this cycle ether is down 73.8% from its all-time high down from $487 to where it is now at around $1,300

Bitcoin in contrast is down $ 75.3% $69,000 down to $177,000 now that 1% of difference between these two things now it's not they're about the same we're about down the same but that is in stark contrast to how ether was down 60 more per last cycle and is actually 1% ahead of Bitcoin this cycle ether is showing more strength than Bitcoin which is unprecedented now why is this the case it's because of the properties of ultrasound money the chant that the ethereum community has been chanting for years now because of the ethereum merge

939 th000 ether was not sent into the market and sold by miners that is in STK contrast to the 19,200 Bitcoin that was issued and sold because miners right now are in deep capitulation they are underwater unprofitable and having to sell their Bitcoins into the market to fund their operation this is the curse of proof of work and to help explain why this curse works I want to go to this tweet thread from Ryan Beckerman who said this week Kathy would went on Bloomberg and said that Bitcoin would be 1 million per coin 1 million per BTC by 2030 and Ryan continues and says Cathy

is wrong Bitcoin will never ever come close to 1 million per coin because of math and that math he's referring to is of course the economics of proof of work if Bitcoin were to hit 1 million by 2030 it would take $82 billion a year in net buys just to keep the Bitcoin price flat this is because miners under a condition of a $1 million bitcoin price would be minting $82 billion a year and as we are seeing right now forced to sell those Bitcoins to fund their operation proof of work is unsustainable especially as

token prices go higher the higher they go the more US dollar denominated selling pressure there is this is one of the main reasons why we are seeing ether outperform Bitcoin in an unprecedented fashion in the bottom of the 2022 Market cycle on top of that you also have the ethb bur which is just putting in a fantastic support floor for ether it's preventing significant downside price pressure on ether of the asset and again I just want to drive this point home ethereum kind of won the 2017 bull market it was called the Ico Mania not the the Bitcoin Mania and while icos

were largely scams largely frauds it did show the capital allocation power of the etherium blockchain which eventually over 2 three plus years matured into something like Defi and DOW allocation which took two years to mature into something actually useful but now is largely an very important ingredient in what we call the Dow landscape so so ethereum won the 2017 bull market but it also got slaughtered in 2018 because of how much insane issuance there was the Ico cell pressure and that pushed ether down 94% 60% down more than Bitcoin yet

ethereum won once again the 2020 to 2021 bull market defi summer the thing that ethereum defi which was built throughout 2018 to 2020 absolutely kicked off all of what was happening in 2020 and triggered the 2021 bull market that followed ethereum led the 2020 and 2021 bull market with the innovations that got built on it so ethereum once again won that bull market but now ethereum is winning the bare Market because of the fundamentals of proof of stake EIP 1559 and also the layer 2 ecosystem so now

ethereum won the bull market going up and it's also winning the bare Market on the downside ethereum is the best performing Blue Chip asset that exists except for maybe perhaps BNB now let's talk about the alt layer 1 ecosystem which put ethereum back on its heels in the second half of 2021 we all remember the saluna avac chant that was chanted by the entire class of people that just believed in ethereum Killers salana Avalanche and Luna we all know what happened to Luna that went to zero and now the momentum is gone from the alt layer one movement the ethereum killer

movement Luna is at zero salana is down 96% Avalanche is down something similar and I recently tweeted out about how salana could be going through its $80 eth moment ethereum's $80 eth moment is of course the capitulation in 2018 when it was absolutely Blood on the streets and it was the best time to buy ether and it was the moment when the ethereum community rallied around ethereum and came together going through a brutal bare Market while sticking it out because we had the conviction of ethereum salana perhaps is going through the same thing there is a strong salana community that believes in salana and

now the soul token is down 96% and this is the Make It or Break It moment for the salana community are they here for the technology or are they here because the so price went absolutely insane in 2021 and they wanted to make a contrarium bet against ethereum we'll have to see I don't know the future we'll see how aligned the salana community is with the salana technology but there is one very big difference between the eth 80 moment in 2018 and the salana perhaps equivalent moment that's happening right now is that ethereum back in 2018 didn't have a

bigger and bad ethereum in the room to compete with in 2018 ethereum didn't have to compete with ethereum but now fast forward to 2022 salana down 96% has to compete with a strength of the ethereum ecosystem right now and all of ethereum's layer 2os and so while I hope for the best for the salana community if that's what they believe in ethereum is really strong right now and I would not want to compete against it in the middle of a bar market and that brings us to the conversation of all the infrastructure the non- ethereum infrastructure that has come to ethereum in the last week or so from the Bitcoin

ecosystem we have Casa from the salana ecosystem we have the Phantom wallet from the Avalanche ecosystem we have Trader Joe so we'll take these one by one Casa made by Jameson lop and a few other Bitcoin Maxis had to open up support for ethereum why because so much of the activity has moved to the ethereum ecosystem Kasa is like a multi-sig system with h White Glove support to help you go bankless great product beloved by the Bitcoin ecosystem now also part of the ethereum ecosystem as well there's Phantom wallet out of

the salano ecosystem which a lot of people say their favorite thing about salana is Phantom wallet well Phantom recently just announced that they integrated into polygon and ethereum and so one of the pride and joys of the salon ecosystem the Phantom wallet is now part of the ethereum ecosystem and coming out of avalanche Trader Joe the Dex of avalanche is now deploying on to arbitrum now a DEX a liquidity for any blockchain the Dex is the heartbeat of the whole entire ecosystem where you can get liquidity on tokens Unis swap is the most important application on ethereum

Trader Dro is the most important application on Avalanche and now it's on an ethereum layer 2 with arbitrum one of the big narratives that the ethereum community made was that eventually alt layer ones will just roll themselves up and become ethereum layer 2 rollups what I forgot to think about is how actually applications and infrastructure can also just Port over to the ethereum ecosystem whether or not these alt layer ones roll them up as a roll up or not either way ethereum wins and all of this stuff is stuff that the ethereum community has been chanting about all throughout 2021 even though ethereum did get put on its

heel because of the rise of all layer ones ethereum did not scale enough but reflecting upon the 2021 bull market the difference between the ethereum crowd and the alt layer one crowd or any anyone who called people like me and Anthony cesano eth Maxis it was largely just a difference in investment time frames if you're in the ethereum community you tend to take a very long time frame for investment and if you came in and started supporting the ethereum alt layer ones the alt layer ones got invented in 2020 and 2021 they were brand new and so people who were bullish on salana or Avalanche because

they thought that if you were going to come into crypto you're going to take a look at the landscape and you're going to see ethereum with its like $50 transaction fees and then you're going to take a look at salana or Avalanche with its like Z transaction fees and you're going to be like oh clearly it's salana and Avalanche that's the one I'll buy that token because that makes sense to me it makes sense in the moment only in the moment though only in the short or medium term but now we are in the longterm we're in the bare Market people's time Horizons increase during bare Market Investments and now ethereum

has just as cheap if not cheaper transaction fees on arbitrum optimism polygon and we still have all the ZK rollups which have not yet been released which will do another order of magnitude on speed and security and cheapness this has always been ethereum's game and now it is finally playing out and I'm making this video to drive that point home that everything that the ethereum community promis is slowly but inevitably coming true eth has removed over 900,000 almost a million ether of issuance since the

merge we are down less than Bitcoin in a bare Market which is absolutely unprecedented meanwhile saluna avac is down 96% Luna went to zero a Avalanche is down over 90% And so the writing is on the wall there's been this narrative that started with the Bitcoin community that if it's useful it'll eventually become built upon Bitcoin a very interesting idea but what does that really take it takes a general purpose expressive layer one so that narrative which is completely accurate in some way is actually becoming true about ethereum

all the competing infrastructure is finding its way to the core of the crypto industry where the people and users and Believers are left and that is unequivocally ethereum although there definitely are believers of other layer ones the epicenter of the crypto industry continues to migrate closer and closer to the heart of ethereum now I've always been a big believer that ethereum triggered the Bull Run of 2017 however I do admit that that will take some arguing Bitcoin was probably going to go up under its own steam anyways but the 2017 bull market was ethereum's bull

market again we call it the Ico Mania for a reason the 2021 bull market was triggered by defi summer in 2020 created by ethereum Defi and nfts which was also pioneered by ethereum then the alt layer ones came because ethereum hadn't scaled and tried to copycat those whole things but you can't build an ecosystem but just by copying ethereum now we are in the depths of the 2022 bare Market ether is performing better than any other decentralized layer one so I'm not including binance chain it's layer 2 ecosystem is growing and all of the cool things that ethereum didn't invent over

the last 18 months are coming to ethereum anyways the writing is on the wall ethereum is going to lead the next bull market call it the 2025 bull market and it's because of the same things that ethereum Community has been chanting for years now eth is ultrasound money ethereum layer 2os are going to scale across all corners of the internet and the 2025 bull market it's not going to be a competition the full vision of the ethereum project is coming to a close we are almost there and the last bits that we have left on the ethereum road map are dotting the eyes and crossing the te's we've got proof of stake we've got

layer 2 ZK rollups are around the corner and ethereum is now known to be an ecosystem that follows through on the promises that it makes and the last point that I really want to drive home is that in 2017 ethereum won the bull market in my opinion 2018 ethereum lost the bare Market throughout 2020 ethereum took the L Bitcoin took the lead in 2020 and 2021 when the bull market got started again ethereum took the win it led that bull market and now in the bare Market ethereum is still taking the win the momentum behind the ethereum

community and the ethereum ecosystem is better than it's ever been meanwhile the Bitcoin Community is being divided by maximalism once again the saluna avac ecosystem has completely lost momentum and is unsure of its prospects and all of this infrastructure that's been built is coming to ethereum the writing is on the wall and I look forward to seeing ethereum rise out of the bare Market in 2024 2025 and finally the ethereum ecosystem will be able to lead the crypto industry under one single ecosystem under one single composed ecosystem with all of it it many chains

and all of its layer twos and all of its layer 3es because the ethereum philosophy has always been the correct philosophy of how to build a blockchain but what do I know I just believe in ethereum so I look forward to 2024 to 2025 to see if I'm right or not and I'll definitely still be around cheers thanks for watching this video and if you want more videos subscribe to this Channel and also subscribe to the bankless newsletter where you can keep up to speed with the ethereum and broader crypto ecosystems as we progress through perhaps one of the most Progressive bull markets that we'll ever have