Has ETH/BTC Bottomed?

Watch on YouTube ↗  |  July 29, 2025 at 17:01  |  11:40  |  1000x Podcast
Speakers
Avi Felman — Principal, GoldenTree Asset Management
Jonah Van Bourg — Head of Trading, Cumberland / ex-Vitol

Summary

The clip is a debate between Avi Felman and Jonah Van Bourg on whether ETH/BTC has bottomed. Jonah is fundamentally skeptical of ETH and strongly bullish Bitcoin, while Avi argues ETH is a tactical catch-up trade versus BTC due to treasury-vehicle flows and market structure. Both acknowledge ETH/BTC's technical breakout, but Jonah stays sidelined and Avi remains negative on ETH's long-term fundamentals.

  • Avi says ETH can double and outperform BTC until ETH treasury-company flows unwind.
  • Avi still sees ETH's 5-10 year fundamentals as poor.
  • Jonah remains extremely bullish Bitcoin and prefers leveraged BTC over ETH.
  • Jonah says ETH/BTC technicals broke a 4-year downtrend but he stays sidelined.
  • Jonah views ETH fundamentals as trash; Base is the future and mainnet block space is expensive.
  • The discussion covers ETH's two 30% bounces, treasury vehicles, and the ETH/BTC chart.
Ideas
Avi Felman Principal, GoldenTree Asset Management 2:34
ETH tactical catch-up versus Bitcoin.
Avi's tactical bull case is that ETH became deeply undervalued versus Bitcoin and is now a catch-up play: Bitcoin feels overpacked, younger finance pros/Wall Street are willing to move down the risk curve inside brokerage accounts, and ETH treasury vehicles are a new marginal buyer that can absorb a larger percentage of flows because the ETH treasury ecosystem starts much smaller than Bitcoin's. He thinks ETH can double from here and likely outperform Bitcoin until the treasury-company trade unwinds, though he is not calling for the double. He also acknowledges ETH technicals are phenomenal after breaking a 4-year downtrend.
ETH ETH/BTC HIGH
Jonah Van Bourg Head of Trading, Cumberland / ex-Vitol 5:17
Watch ETH/BTC technical breakout.
Jonah acknowledges ETH/BTC technicals have turned: after a second 30% bounce, the pair broke a 4-year downtrend, making the rally look real rather than a dead-cat bounce. He says the setup could be worth watching for a possible 100% rally from here, but he does not consider technicals his edge, sees no ETH fundamental bull case, and is comfortable staying sidelined.
ETH/BTC HIGH
Jonah Van Bourg Head of Trading, Cumberland / ex-Vitol 5:51
Stay long Bitcoin over Ethereum.
Jonah says he remains so bullish Bitcoin he can't see straight and thinks buying Bitcoin with leverage is a smarter trade than buying ETH. He doubts ETH can 5-10x if Bitcoin 2xes and would rather keep crypto upside in BTC.
BTC HIGH
Jonah Van Bourg Head of Trading, Cumberland / ex-Vitol 7:46
Avoid ETH on weak fundamentals.
Jonah still sees ETH fundamentals as trash: Base is the future and functions like a centralized Coinbase ledger/AWS of crypto, expensive mainnet block space lacks meaningful usage, and institutions entering crypto do not create a fundamental bull case for ETH. He cannot get his head around owning ETH and is comfortable staying away despite the good technicals.
ETH HIGH
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This 1000x Podcast video, published July 29, 2025, features Avi Felman, Jonah Van Bourg discussing ETH, ETH/BTC, BTC. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Avi Felman, Jonah Van Bourg  · Tickers: ETH, ETH/BTC, BTC