Ethereum To $10k This Year? Why This Crypto Bull Run Is Unlike Any Other | Scott Melker
Speakers
Scott Melker
— Host of The Wolf Of All Streets
Summary
Scott Melker joins David Lin to discuss why crypto is in a sustained bull market, with Ethereum leading a rotation from Bitcoin. They cover Ethereum ETF inflows, treasury companies, tokenization, XRP, bank adoption, and risks in leveraged treasury companies. Scott remains structurally bullish on ETH and BTC while warning on most Bitcoin treasury companies and high-yield crypto products.
- Ethereum ETFs are seeing stronger inflows than Bitcoin ETFs, driving an ETH/BTC rotation.
- Scott sees Ethereum potentially reaching $10,000 and expects strong institutional demand to continue.
- Bitcoin is viewed as a superior balance-sheet and treasury asset with a higher institutional floor.
- Most leveraged Bitcoin treasury companies are criticized as risky; altcoin treasury companies are seen as more attractive due to staking yields.
- Tokenization of treasuries, money markets, and real-world assets is called an unstoppable trend likely centered on Ethereum.
- XRP is watched cautiously after a failed breakout and founder selling; 20% yield products are viewed skeptically.
- Bank adoption via Schwab and JPMorgan is part of the broader institutionalization of crypto.
- US real estate is seen as unattractive relative to Bitcoin.
Ideas
Ethereum institutional rotation targets $10k.
Ethereum is in a sustained institutional rotation. Ethereum ETFs are massively outperforming Bitcoin spot ETFs, with recent days of roughly $300 million inflows while Bitcoin saw outflows. Thomas Lee has emerged as an institutional frontman for Ethereum, and Ethereum treasury companies have created a powerful new demand narrative. Ethereum is the longest-established smart-contract platform, viewed by institutions as the safest and most secure, has native staking yield, and is likely to be the main venue for tokenized treasuries and money markets. Scott believes $10,000 is possible and that ETH will ultimately go much higher, with the exact timing less important.
ETH/BTC breakout favors Ethereum over Bitcoin.
Capital is rotating from Bitcoin to Ethereum, and the ETH/BTC pair is showing a major technical turn. ETH/BTC has made its first higher high since 2022 or 2023 and the weekly 50 MA has flipped for the first time in three or four years. Scott expects Ethereum to at least track Bitcoin's success and would be surprised if ETH/BTC went much lower, making the relative trade favorable for the rest of the year.
Most Bitcoin treasury companies will end badly.
Most Bitcoin treasury companies are leveraged financial-engineering vehicles trying to beat Bitcoin, but Bitcoin has no native yield and is very hard to outperform. Taking on debt or leverage to beat Bitcoin has historically ended badly, and only a few treasury companies will do exceptionally well; the rest will likely sell Bitcoin into a 25% drawdown and wreck shareholders. He prefers owning Bitcoin directly or using conservative balance-sheet allocations.
Bitcoin has institutional bid and higher floor.
Bitcoin has a higher floor now because institutional buyers, including ETFs, banks such as Charles Schwab and JPMorgan, and governments, are entering the market and absorbing supply, while old long-term holders are selling. Even if leveraged treasury companies cause short-term drawdowns, Bitcoin has always absorbed selling pressure and larger institutions would likely step in. He calls Bitcoin a superior balance-sheet and treasury asset and explicitly prefers buying Bitcoin over buying real estate.
Conservative Bitcoin balance-sheet adopters are attractive.
Companies that simply allocate a conservative portion of their cash balance to Bitcoin are attractive and should be the model for entities, governments, and individuals. He cites advising Red Light Holland to put about 10% of its $15 million cash balance, up to $1.5 million, into Bitcoin responsibly, and says he deeply believes in that simple, conservative approach because Bitcoin is a superior balance-sheet and treasury asset.
Altcoin treasury companies can outperform via yield.
Unlike Bitcoin treasury companies, altcoin treasury companies can outperform their underlying assets without leverage because Ethereum and Solana have native staking yields and DeFi opportunities. Solana staking can yield 9-10% and Ethereum staking around 3.5%, so companies trying to beat an asset over a cycle are far more interesting in altcoin treasury vehicles than in Bitcoin treasury vehicles.
US real estate unattractive versus Bitcoin.
US real estate is unattractive at current prices and financing costs. Housing is the most expensive it has ever been for personal homes, commercial real estate remains a disaster, and the current rate environment plus supply/demand dynamics make buying real estate broadly in the United States a poor investment. Bitcoin also has no property taxes or ownership expenses, so he prefers renting and buying Bitcoin over owning real estate.
XRP breakout failed amid founder selling.
XRP made a new all-time high but immediately dumped back below the breakout, and a Ripple co-founder moved 50 million XRP to exchanges. Scott says insider selling is common for Ripple and can cap upside, and traders want to see breakouts sustained rather than fail. The SEC lawsuit win remains a positive catalyst, but he leaves the decision to use XRP as a standalone asset to individuals, and he is cautious on 20% XRP yield products because such high yields imply hidden risk.
Tokenization trend is unstoppable and Ethereum-led.
Tokenization of everything is an unstoppable trend and the next big crypto narrative. Stablecoins are the first clear iteration, and institutions such as BlackRock, Franklin Templeton, Goldman Sachs, and BNY Mellon are moving toward tokenized treasuries and money-market products, likely on Ethereum because institutions view it as the safest chain. Tokenized assets are faster, cheaper, easier to transfer, and can be used as collateral in portfolios, which will unlock significant utility and demand.
Up Next
This The David Lin Report video, published July 25, 2025, features Scott Melker discussing ETH, ETH/BTC, Bitcoin treasury companies, BTC, Bitcoin balance-sheet companies, Altcoin treasury companies, US Real Estate, XRP, Tokenized real-world assets. 9 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Scott Melker · Tickers: ETH, ETH/BTC, Bitcoin treasury companies, BTC, Bitcoin balance-sheet companies, Altcoin treasury companies, US Real Estate, XRP, Tokenized real-world assets