Is Ethereum About to Outperform Everything?

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.