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Feb 16
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$9.26
$8.85
-4.4%
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AVOID
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Matt Hougan
CIO, Bitwise Asset Management
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Hougan notes that assets without ETFs (specifically naming Sui and Avalanche) were down 70% in 2025 and are "down even more in 2026." Institutional capital is the only active buyer in this market. Since institutions are not buying "secondary assets" (Alts), and retail has already sold off, there is no marginal buyer for these L1s until the cycle fully turns. AVOID. These assets are "zombies" until retail interest returns or they gain ETF approval. A sudden "Altseason" triggered by a specific app breakout or unexpected regulatory approval for an Alt-ETF. |
The Block
The optimistic case for crypto in 2026, with ...
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Feb 09
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$9.06
$8.85
-2.3%
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LONG
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Matthew Sigel
Head of Digital Asset Research at VanEck
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VanEck launched an Avalanche ETF. Sigel explicitly states AVAX has "product-market fit," "better than average economic clarity" regarding token value accrual, and a strong BD team driving "institutional distribution." Institutions require three things: Custody, Compliance, and Economic Drivers (revenues/fees). VanEck has validated that AVAX checks these boxes. The launch of the ETF provides the regulated wrapper necessary for large allocators who cannot hold self-custody tokens to enter the ecosystem. LONG. The ETF acts as a stamp of approval and a passive inflow mechanism. Regulatory reversal or failure to reach the $100M AUM "escape velocity" milestone mentioned by Sigel. |
The Block
VanEck's AVAX thesis: product-market fit, eco...
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