this eth move is kind of wild b/c it's purely offchain. gas prices & rev haven't moved at all, people aren't using the chain. anyways, respect the pump.

in previous cycles you would always have some onchain activity/speculation that led to price increases. 2017 was icos, 2020 was defi summer, 2021 was nfts. this cycle is just very different. with mstr leading the charge and then etfs, crypto stocks and crypto treasuries, the majority of price discovery is coming from new pockets of capital that live offchain and want to stay offchain. eventually we should start seeing some of this trickle down to onchain but we really aren't seeing it yet. gas prices are low, onchain borrow rates are low, and you still aren't seeing tons of net new onchain activity outside of a few pockets. even just stat arb alone you would think onchain activity would go up. retail still seems fairly disinterested in crypto as a whole. maybe they're aping the etfs and dats in their brokerages but there's still a lot of juice to squeeze in getting people onchain. feels like the first cycle where the tradfi crowd is actually early (assuming this eventually trickles down and we're not topping soon...)

my man @that1618guy wrote the flagship deep dive on these DATs in mid-June and pretty much nailed the eth rotation. 100 people can read this report for free. still super timely, arguably even more so now.