Ethereum's Ultrasound Money Narrative Faces Growing Skepticism

Varys Capital's Tom Dunleavy has stated that Ethereum's 'ultrasound money' narrative has effectively broken down. This comes as the asset faces growing competition from newer networks and Wall Street-backed blockchain initiatives.

Dunleavy, speaking on Scott Melker's Wolf Of All Streets podcast, noted that even if the network remains successful, the asset may continue to underperform other crypto narratives for a while.

The analyst dismissed recent comments from BlackRock's $1.29 billion iShares Bitcoin Trust dark pool trade as 'pretty worthless', pointing out that only $122 million in exchange-traded fund redemptions followed.