The Real Reason Ethereum Keeps Losing Momentum w/ Haseeb Qureshi

Watch on YouTube ↗  |  May 25, 2026 at 18:45  |  41:23  |  Milk Road Macro
Speakers
Haseeb Qureshi — Managing Partner, Dragonfly

Summary

Haseeb Qureshi of Dragonfly Capital discusses Ethereum's identity crisis after Vitalik Buterin's statement refocusing the Ethereum Foundation on core values. He views the statement as bearish for ETH in the near term but notes potential for a second foundation. He also highlights Hyperliquid as a strong risk/reward play front-running future institutional demand, and provides insight on the lack of institutional interest in smaller altcoins.

  • Vitalik's statement signals EF will not be price-focused, creating near-term bearishness for ETH.
  • A second foundation focused on commercial adoption could be a future bullish catalyst for Ethereum.
  • Haseeb recommends Hyperliquid (HYPE) as a long because of its cheap valuation and pending institutional demand.
  • Institutions currently only hold BTC, ETH, and a little SOL; smaller alts are not on their radar.
  • Retail capital has not fully returned to crypto, and crypto-native capital is driving recent altcoin moves.
  • Regulatory clarity (Clarity Act) is a key catalyst for institutional entry into altcoins.
  • Dragonfly invested in Variational, an RFQ DEX for perps, which could unlock RWA liquidity on-chain.
Trade Ideas
Haseeb Qureshi Managing Partner, Dragonfly 6:30
Bearish signal from Vitalik's statement
Vitalik Buterin's recent statement doubling down on Ethereum's core values (decentralization, censorship resistance) while explicitly stating the Ethereum Foundation will not be a 'number go up' organization is bearish for ETH. It signals the EF is stepping back from commercial and price-focused efforts, creating uncertainty. However, it may open the door for a second foundation focused on growth and adoption, but it is too early to make a definitive call.
ETH MED
Haseeb Qureshi Managing Partner, Dragonfly 27:24
Front-run institutional demand on HYPE
Hyperliquid (HYPE) represents a great risk-adjusted investment for those with higher risk appetite. It trades at an attractive multiple relative to its earnings, and the regulatory uncertainty that keeps institutions away today will likely resolve over time (e.g., via the Clarity Act). Once institutional demand arrives, multiple expansion will boost HYPE's valuation. Crypto-native capital is already front-running this demand.
HYPE HIGH
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This Milk Road Macro video, published May 25, 2026, features Haseeb Qureshi discussing ETH, HYPE. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Haseeb Qureshi  · Tickers: ETH, HYPE