Is Ethereum About to Outperform Everything?

Watch on YouTube ↗  |  August 20, 2026 at 19:14  |  41:59  |  Milk Road Macro
Speakers
Lucas Tcheyan — VP of Research, Galaxy Digital

Summary

Lucas Tcheyan, VP of Research at Galaxy Digital, joins John Gillan to discuss the recent crypto rally and his updated market outlook. He is especially bullish on Ethereum, arguing it is under-owned and set to benefit from institutional tokenization and a refocused roadmap, while calling ETHBTC one of the best trades. He also sees improving broad crypto conditions, remains constructive on Solana's developer moat, and highlights Hyperliquid as a strong purpose-built perpetuals chain.

  • Crypto market cap pumped nearly 10% with Bitcoin above $71k; Lucas sees a trend shift but wants spot buying confirmation.
  • Ethereum is compared to post-FTX Solana: washed-out sentiment and capitulation despite improving fundamentals.
  • Wall Street tokenization and Ethereum's roadmap focus on L1 scaling, privacy, and quantum resistance support the ETH thesis.
  • Solana is reorienting after losing the perpetuals race, but meme activity and developer density remain durable moats.
  • Hyperliquid is viewed as a purpose-built perps chain with strong application-like business fundamentals.
  • Solana's issuance reduction and fee burn proposals are likely to pass but are less important than demand growth.
  • Crypto AI themes remain early, with agentic payments and decentralized inference still lacking clear onchain demand.
Ideas
Lucas Tcheyan VP of Research, Galaxy Digital 0:00
Ethereum under-owned, fundamentals improving, behemoth.
Ethereum reminds him of Solana after FTX: sentiment is washed out and investors have capitulated, but the underlying fundamentals are improving. He sees Wall Street accelerating onchain, tokenized asset initiatives growing, and Ethereum's roadmap refocusing on L1 scaling, privacy, and quantum resistance. He believes Ethereum is under-owned, will become a credibly neutral settlement layer, and calls ETHBTC one of the best trades.
ETHBTC ETH HIGH
Lucas Tcheyan VP of Research, Galaxy Digital 26:04
Solana's developer moat drives long-term upside.
Solana is reorienting after losing the perpetuals race to Hyperliquid, but he remains optimistic because meme activity and Pump Fun are still major drivers, Solana has the densest developer and user base outside Ethereum, and teams are pivoting into tokenized stocks, Metadaw, and trading infrastructure. He expects Solana to surprise positively over time even if it needs time to play out.
SOL US AI Software ETF MED
Lucas Tcheyan VP of Research, Galaxy Digital 26:26
Hyperliquid's purpose-built perps chain wins.
Hyperliquid's purpose-built, app-specific perpetuals chain won the onchain perpetuals race against general-purpose chains like Solana. He thinks of Hyperliquid as an application with a really good business and names it among fundamental crypto businesses he is looking at.
HYPE MED
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This Milk Road Macro video, published August 20, 2026, features Lucas Tcheyan discussing ETHBTC, ETH, SOL US AI Software ETF, HYPE. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lucas Tcheyan  · Tickers: ETHBTC, ETH, SOL US AI Software ETF, HYPE