Matthew Sigel

Bitcoin is likely to reach its all-time high again within 12 months, supported by investor survey intent, lack of optimism in derivatives markets (short covering), and a mega trend of central bank adoption as a global settlement asset.

Bitcoin miners will outperform due to AI convergence; as the AI side of their business accelerates, miners sell less Bitcoin, creating a virtuous cycle. This is the team's number one exposure.

The VanEck Onchain Economy ETF (NODE) focuses on companies that earn cash flow from blockchain adoption, such as Bitcoin miners and infrastructure providers. This approach has led to a 75% gain since inception versus Bitcoin's 20% decline, and the ETF remains the preferred vehicle for capturing blockchain value without direct crypto exposure.

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.