I recently bought more ETH.
I did not do this based on the market cycle or influenced by various market narratives. I carefully studied the data, evaluated the intrinsic value of the asset itself, and concluded that the current price of ETH is significantly undervalued. Whenever I discover that an asset is mispriced, I take decisive action.
This matter cannot be explained in a single tweet, and the underlying thought process is worth discussing openly.
Using a "Currency" Logic to Judge Ethereum is a Misconception
Many people believe that Ethereum's ultimate goal is to become a "currency," a notion that was once very popular. I can understand this viewpoint. The nature of currency is a game of widespread consensus, requiring the long-term recognition of a massive population, eventually forming a self-reinforcing value loop. Bitcoin has taken this path, stripping away all unnecessary functions, and single-mindedly sprinting towards "digital gold / currency."
However, Ethereum chose a different path from the start: utility value.
This also means that it cannot win by relying solely on "currency consensus" like Bitcoin. At the same time, Ethereum has created a field that Bitcoin has never entered: a programmable underlying settlement network. Today, a large number of global projects are building their ecosystems on this network.
The two have completely different positions and vastly different value logics. Insisting on judging Ethereum by "whether it can become a good currency" is like using a train track to measure its suitability as a medium of exchange—it simply does not align on the same evaluation dimension.
Looking at Ethereum's Ecosystem Synergy Issue from a Different Perspective
One of the most common criticisms from the outside is that Ethereum's underlying mainnet, layer 2 networks, developer community, and various market participants are struggling to synchronize, leading to excessive ecosystem fragmentation and missing out on development opportunities.
This criticism holds some truth. However, for institutional funds, they do not care about industry chatter on who will win or lose. What they truly need is a stable and reliable underlying settlement layer that has been battle-tested and supports programmability.
Now, stablecoins are being issued on Ethereum, various national treasury assets are tokenized on-chain, and even AI agents' transactions are starting to settle here. These transactions do not need to wait for market consensus; it is already happening.
Our team chooses to focus on Ethereum for a simple reason: WhiteFiber provides computing power support, while Ethereum handles transaction settlement. Computing Power + Settlement is the essential dual capability that traditional financial institutions need to enter the world of blockchain. Looking around, only Ethereum can scale to support these two functions simultaneously.
The grand story of Ethereum may still be unfolding, but it has long been widely used as a settlement layer.
The Investment Logic Is Sound, Just the Timing Was Misjudged
Over the past two years, many people looked at the price trend of ETH and concluded that this round of the bull market had ended. In my opinion, everyone misidentified the trigger for the price increase.
Relying on retail investors to hype up the sentiment and boost the coin's price is inherently unstable. After all, Ethereum is backed by a massive infrastructure and cannot rely on retail sentiment to hold it up. The core force that truly can drive the market is institutional funds.
However, the pace at which institutions enter and the pace of hype on social media in the crypto community are completely different. Only when the compliance system, asset custody channels are fully developed, the regulatory environment becomes stable, and corporate CFOs are willing to sign off, will institutions enter on a large scale.
And this point is much closer than what the current coin price reflects.
Why I Increased My Position
Bluntly put, as an asset manager, I have a responsibility to make rational fund allocation decisions. From the current price perspective, buying ETH fully meets the investment criteria.
Setting aside all the fancy concepts, Ethereum itself has real earning power. In the first quarter of this year, our Ethereum staking business achieved a gross profit margin of 94.7%. This is a solid, tangible business, not a mere vision.
Ethereum guards the world's top smart contract public chain, with the entire chain processing trillions of dollars in transactions last year, and institutional transaction volume increasing every quarter. In my view, the current coin price, compared to the entire ecosystem value it supports, is significantly undervalued.
I am bullish on ETH and hold it, not hoping for it to become a global reserve currency. I only need it to continue doing its current job and maintain its current operational status.
This alone is enough for me to choose to increase my position and to hold it long term.
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