ETH is dancing at $2,000 today, sitting a staggering 59% below its August 2025 all‑time high. Looks like altcoins are finally getting the memo that don’t exist. Except, as usual, one clever dude thinks we’re playing the wrong game.
David Duong, Global Head of Institutional Research at Coinbase, calls it a total misunderstanding, especially for Ethereum.
On the Milk Road Show this week, Duong attempted to explain why Ethereum might be the most mispriced asset in crypto, or at the very least, the most entertaining.
Ethereum’s Regulatory Pass
On March 17, the SEC and CFTC decided it was time to label 16 crypto assets as “digital commodities,” and Ethereum was the first to get the official stamp of approval. For Ethereum specifically, this matters more than it does for most because staking-a core part of Ethereum’s ecosystem-is now explicitly out of securities law.
“It gives ETH more of a clean regulatory pass,” Duong said, “and I think that has already been there but it’s just nice to see it in print.”
Those institutions that had been chewing the scenery because of legal uncertainty now have a green light they were waiting for. No more “our lawyer said no!” moments.
BlackRock’s Staked ETH ETF: Why It’s Important
BlackRock launched its iShares Staked Ethereum Trust ETF earlier this month, scooping up $254 million in its first week. It’s the fastest‑growing crypto ETF launch of 2026. The fund intends to stake between 70% and 95% of its ETH holdings under normal conditions.
Duong called it “a massive development that you don’t really see priced into ETH.”
The logic is plain: more institutional demand comes in, less circulating supply is available. That’s a structural shift, not a sentiment trade. It’s like suddenly everyone decides to put a “do not ride” sign on the roller coasters and nobody’s asking why.
Watch EthCC This Monday
This is the angle most people have missed entirely. EthCC opens in Cannes on Monday, March 30, and Duong flagged a specific talk on the agenda titled “Issuance: The Cost of Inaction.”
His read is that a significant announcement about Ethereum’s monetary policy and issuance rate is coming.
“I would expect a big announcement coming about what’s going to happen with the potential ETH supply in the future,” he said.
Institutions Are Still Bullish
Coinbase Institutional’s 2026 survey of around 350 respondents found that 73% plan to increase their digital asset allocations this year and 74% expect crypto prices to rise over the next 12 months-even though the survey was conducted during the January drawdown.
As Duong put it, “anyone who wanted to sell likely already sold.”
ETH at $2,000, with regulatory clarity, a structural supply squeeze, and a potential catalyst arriving Monday. The market may not have caught up yet, but don’t worry: it’s not going anywhere-unless of course, someone could come up with a new regulation called “Ethereum.
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2026-03-28 18:21