👇1-10) On April 2, 2024, we published a strategy report titled ‘Ethereum: The Bearish Case’. When the report was published, Ethereum traded at 3,500. We were concerned about the divergence between Ethereum prices and revenues, which were only expected to diverge further as lower ETH gas fees signaled a weaker revenue outlook.

Since our report, Ether has declined by -11.7%.