While I have been apathetic towards ETHBTC since the merge, I believe that market structure is conducive for sustained outperformance into ETF launch

While BTC has strong passive flows, there is no rush for large allocations and so likely grinds up slowly. ETH on the other hand has the ETF launch, a technical gap to ATHs once $4k is cleared and will offer cheap financing for leverage to pile in due to @ethena_labs

Savvy market participants will also be able to structure positive carry ETHBTC and ETHUSD trades

Breakout is imminent

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