24th July 2025 > > Interregnum, ETH, & BTC adoption.

tl;dr

Ethereum is getting a lot of attention. Arthur Hayes calls it right (I hope). The battle to win the hearts and minds of the investing public is only just warming up.

Market Snap 

Market Wrap

And just like that, totally out of the blue, we have three consecutive days of outflows from the spot BTC ETFs. Not in big size, but surprising nonetheless. These flows are keeping a cap on the current price euphoria, which is no bad thing for those who continue to DCA. Alts look weak this morning, reinforcing my view that we are still some way off anything that can be described as altseason, though others disagree (“Ethereum Spot Volumes Eclipse Bitcoin’s as Altseason Heats Up”, Crypto Potato, 24^th July 2025).

Occasional Series – Interregnum

It’s that time of year again:

https://campotickets.sanchopanza.org/events

See you on the other side.

Curious Cryptos’ Commentary – Ethereum (ETH)

There are a lot of people getting very excited about the prospects for ETH in the short-term. Bitwise CIO, Matt Hougan, posted a long thread on X detailing 15 reasons for the sudden increase in demand for ETH, which can be whittled down to two key elements – the increased demand for spot ETH ETFs, and the rise of the ETH Treasury strategy. The latter, according to Matt, has taken 2.83 million ETH out of circulation since May 15^th, an astonishing 32x net new supply over the same period. That kind of demand-supply dynamic has only one outcome, price-wise.

Arthur Hayes, in his own inimitable style, has this take:

“The coming Ether bull run is about to tear the market a new asshole.”

He also has another interesting comment, suggesting he is on the bullish side of the argument:

“Let’s assume that Trump does his part, propelling the total crypto market cap to $100 trillion by the time he leaves office in 2028. That’s about a 25x rise from current levels; if you don’t think that is possible, you haven’t been around crypto long enough.”

Cathy Wood’s Ark Invest has pivoted out of some Coinbase stock and into BitMine, which recently announced a strategic restructuring away from BTC mining to accumulate ETH on a grand scale. Shareholders have been rewarded with a near 10x in the share price as a result.

Perhaps Arthur’s year-end target of $10k for ETH (and $250k for BTC) is a little on the conservative side.

Curious Cryptos’ Commentary – Crypto poll

This is interesting:

The way that you will interpret this pie chart depends entirely upon your crypto view.

I say – wow, we are still so very early. Only 14% of those polled currently own crypto. That gives us another 86% who will get involved, at least eventually. That’s a lot of growth, and a lot of investment dollars, most of which will flow into BTC.

On the naysayers’ side, they see that 60% “Not interested in ever buying” and that closes the argument for them. I agree that’s a big chunk of people who remain uneducated and ill-informed about cryptos, but we like a challenge here at CC Towers.

If Arthur’s 25x growth by the end of the Trump presidency is to happen, that 60% is going to have to be a lot less.