2026-01-08 04:21:53

ETH is highly expected to be "asset on the chain," and the theoretical prospects are undeniable. But to be honest, it makes up a very small portion of my holdings. Using tech stock valuation models, this thing's cost-effectiveness is frankly embarrassing: a market cap of hundreds of billions, yet it continues to issue unlimited new tokens. Rather than investing, it's more like taking over the collateral positions of big players.

To be more blunt, the current market cap of ETH can already rival SpaceX. But what is SpaceX doing? Building rockets, transporting cargo, commercial spaceflight, colonizing Mars—genuinely creating economic value. So why can ETH support such a valuation? Based on what?

The logic behind this rally is actually quite clear: institutions are jointly bullish, public opinion is hyping it up, retail investors are following the trend. But from a fundamental perspective, there’s no real breakthrough. No genuine buybacks support it, no cash flow backing it—it's purely an emotional game and a consensus gamble.

I know this trick all too well—after being in the crypto market for so long, I’ve seen all kinds of manipulative tactics. Because I see through it, I’m becoming more cautious about these large market caps that lack real support and are solely driven by hype. If you’re confident in this rally, get in early, take profits quickly, and exit immediately—don’t expect some kind of faith-based relay.

The endless issuance of the target, the continuous cash-out by stakers, and the emotion-driven swings are all real risks. Instead of stubbornly holding on, it’s better to take profits at high levels when the time is right.

ETH-1,17%

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NftRegretMachine

· 01-11 02:23

It's the same SpaceX comparison again, I'm tired of hearing it. If you ask me, they're all just making up stories, but some are more outrageous than others. Staking is like this: early adopters eat the meat, later ones gnaw on the bones. This trick has indeed become old. But on the other hand, if you've truly seen through it, you should have gone all in on BTC long ago. Why bother rambling here? Make money and run—that's what I agree with. After all, no one can take the final baton. Wait, you said SpaceX creates economic value, ETH creates consensus value. Can't these two really be directly compared... Unlimited issuance is indeed heartbreaking, but I haven't seen ETH crash over the years. That's the most frustrating part. I'm just waiting for the moment when the high position is cut, then we'll see who's fooling themselves.

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TestnetFreeloader

· 01-09 23:09

Well said. I’m impressed that SpaceX is comparable; I also think we’re now in the sucker game. --- The endless issuance is really disgusting; pledge collateralization and cash-out have already started. --- Get in early in the morning, get out early, don’t think about faith—bro, that hits hard. --- Institutions joint long positions to let retail investors take the hit—that routine has bored me too; make money and run. --- Billions in market cap just spinning around here—why compare to SpaceX? There’s simply no comparison. --- Cash flow? Buybacks? Relying solely on public opinion—sooner or later, it will have to land. --- Me too, holding a very small proportion—let’s watch a bit more before deciding. --- There’s nothing wrong with taking profits at high levels; don’t wait until you’re trapped.

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SatoshiLeftOnRead

· 01-08 04:50

Here comes the argument of cutting leeks again, so boring. --- Sounds good, but isn't it just because you're afraid you didn't get in? --- Can SpaceX compare? That's funny, one is real and the other is virtual. --- Institutions going long while retail investors take the hit, there's nothing wrong with that. --- Pledging for cashing out isn't a risk; it's part of the design. --- Take profits at high levels when things look good, but the question is, can you hit the mark? --- If you truly saw through it, you wouldn't still be commenting; you'd have already left. --- Infinite issuance is really painful, but the ecosystem is still growing. --- Another opening line of "I've been in the crypto space for so long," I'm tired of it. --- If you don't hold, don't worry about it; let the believers enjoy their hype. --- The idea of comparing to benchmarks is really ruthless, but what about reality? --- Emotional games are indeed a thing, but the problem is that profits are still continuing. --- Heard too many top-fleeing theories, and in the end, everyone regrets it.

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MetaverseMortgage

· 01-08 04:48

Hearing you say that, I also think this wave of ETH is a bit risky. Institutions jointly going long, retail investors taking the bait—it's the old routine. To put it simply, it's still a consensus game, with no real backing of actual funds. Make your profit and run, don't be hostage to faith.

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CommunityLurker

· 01-08 04:45

Oh, what you're saying is spot on, it's just a game of getting in late and taking the fall. --- Unlimited issuance is truly incredible, how dare they compare it to SpaceX? --- Institutional and retail rumors, always the same old trick. --- It's about time to wake up; those still believing in the relay are really foolish. --- The move of pledging collateral and cashing out is really ruthless; the retail investors are still counting their money. --- A market cap of hundreds of billions supported solely by sentiment, it will explode sooner or later. --- The saying "take profits when the time is right" hits home; how many people greedily suffered big losses. --- Instead of waiting, it's better to make quick money at high levels and run away—really. --- Cash flow, cash flow; without it, it's just a castle in the air. --- After so long, still hyping ETH's prospects—either you're lying or you've been deceived.

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FromMinerToFarmer

· 01-08 04:34

Coming with this again? SpaceX is really burning real money, while we're just burning air here.

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MercilessHalal

· 01-08 04:32

Haha, you're right. I also think it's just a game of catching the falling knife now. Brothers who still hold on tightly, be careful of getting trapped. Is there real cash flow support? Not at all. Institutional coordination and retail follow-the-leader, I'm tired of these old tricks. But I want to hear, why is ETH worth so much money? Making quick money in the short term is fine, but don't think about faith relay, that would be foolish. Unlimited issuance needs to be watched closely; sooner or later, it will be a trap. Can't compare to projects like SpaceX that create real value. Holding at high levels is correct, don't be greedy.

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LiquidityNinja