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Analyst Suggests Thinking Of XRP As Just ‘Payments’ Is Primitive, Here’s The Real Deal

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Crypto analyst Pumpius has declared that XRP goes beyond just payments and that those thinking of it as just that way don’t know what is coming. He then highlighted the “blueprint of a multi-trillion dollar upgrade,” which is why he believes the altcoin can reach $10,000. 

Why XRP Can Hit $10,000 As Its Utility Expands Beyond Payments

In an X post, Pumpius stated that the world is moving to digital ID and indicated that XRP can play a huge role in this innovation. He explained that governments, banks, and big tech all admit that everyone will need this digital ID to transact in the coming system. The crypto analyst further remarked that this identity isn’t just a passport or driver’s license, but that the ultimate ID will be one’s biology. 

Pumpius claimed that biometric identity and generic data are being positioned as the next “trust layer” of finance. He said that this is because they are unique, immutable, and unforgeable, making them the perfect keys for digital commerce. The crypto analyst then proceeded to make the case for XRP, noting that the XRP Ledger has the rails to anchor this innovation. 

He then highlighted the DNA protocol, which is already working on this innovation on the XRP Ledger. In line with this, Pumpius declared that this isn’t just a concept but a live concept that could boost XRP’s utility. The analyst predicts that over $100 trillion in tokenized real-world assets are coming and that if biometrics and DNA become the default KYC, XRP and its native DEX could become the universal settlement layer. 

Pumpius expects trillions to follow into XRP when that time comes. He remarked that liquidity demand at that scale mathematically breaks current price models. The analyst asserted that XRP, as the bridge asset, won’t just go to $10 but will lead into five figures and reach $10,000. 

Analyst Warns XRP Can’t Reach That Level

In an X post, crypto analyst Jaydee warned that XRP cannot reach $10,000. He further warned the community of influencers who are predicting the altcoin will reach this level, declaring that they cannot be trusted. Jaydee remarked that these influencers are wrecking investors while the real analysts make retirement gains in months instead of waiting for a price level that won’t come. 

The crypto analyst is also certain that XRP cannot reach $1,000. He indicated that those who are also waiting on the altcoin to hit this price level, because Ripple is applying for a national banking license, will also get wrecked.  

At the time of writing, the XRP price is trading at around $2.92, down over 2% in the last 24 hours, according to data from CoinMarketCap.

XRP trading at $2.91 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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Five-year ETH-USD chart on Coinbase showing a decisive break above the Nov. 2021 all-time high into price discovery
Crypto Trends

As ETH Soars, Analyst Explains Why Supply Shock Seems ‘Inevitable’

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Ether (ETH) pushed into uncharted territory Sunday, clearing $4,900 on Coinbase at 5:40 p.m. UTC and surpassing its prior record of $4,867 set on Nov. 8, 2021.

The five-year ETH-USD price chart from TradingView shows a clean, multi-year breakout: ETH has finally vaulted the 2021 high after a long consolidation, leaving no historical overhead levels to lean on.

This is what traders call price discovery — the market is printing new highs with only psychology and order flow to guide it rather than prior chart resistance.

Five-year ETH-USD Chart for Coinbase From TradingView

The 5-day view fills in the tape action. After a fast run from the mid-$4,700s, ETH pushed through $4,900 and reached an intraday high around $4,946.90. At the time of the chart snapshot — 6:48 p.m. UTC — the last price was about $4,941.57. That sequence signals buyers absorbed supply near the old ceiling and then forced a fresh high, a classic breakout pattern.

Five-day ETH-USD Chart for Coinbase From TradingView

Analyst Miles Deutsher summed up the leadership shift as “BTC is exhausted, ETH isn’t.” In plain English, he is flagging relative momentum: bitcoin’s rallies have stalled near recent highs while ether just broke into price discovery.

When a market says one asset is “exhausted,” it usually means upside attempts are fading, follow-through is weak, and sellers keep meeting pushes higher; “isn’t” means the opposite — stronger follow-through, fresh highs, and active dip-buying. Traders often rotate toward the asset showing higher relative strength when the other leader tires.

Crypto Rover focused on supply on exchanges. “Exchange reserves” refers to coins held in wallets controlled by centralized trading venues.

When those balances trend down, fewer coins are immediately available to sell. If demand rises as liquid supply thins, price can accelerate because buyers must bid higher to coax coins off-exchange back into circulation. That is the mechanic behind his “supply shock” phrasing — not a guarantee of straight-up prices, but a setup where scarcity can magnify moves once momentum starts.

Michaël van de Poppe offered a risk check. He highlighted the unusually large weekly candle and cautioned that weekend breakouts often retrace when liquidity normalizes early in the week.

The idea is simple: weekend order books can be thinner, so moves extend more easily; when fuller participation returns on Monday, prices sometimes retest the breakout area to confirm it as support before trending again. In practice, that means a pullback toward the breakout zone would not, by itself, negate the larger bullish break you see on the 5-year chart.



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Crypto Trends

Watch Out For XRP and Solana as Price Action Flashes Bullish Signals, Analyst Says

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XRP and Solana are showing signs of strength again, with traders pointing to both institutional flows and technical setups as catalysts for a fresh rally.

XRP is back above $3 after slipping under its 50-day moving average earlier this week, when whale selling dragged the token as low as $2.72. The rebound has traders watching for a break of $3.10 that could validate a move toward $4.

“With institutional adoption, ODL usage, and ETF optimism, the potential for $3 to $5 price levels remain realistic by year-end,” said Ryan Lee, chief analyst at Bitget, in a Saturday note to CoinDesk.

The bullish view follows months of regulatory wins for XRP and growing optimism that ETF products could unlock new demand. While whales booking profits created near-term pressure, some analysts argue that structural flows continue to point higher if resistance levels give way.

Solana’s rally looks equally notable. SOL jumped 10% in 24 hours to trade near $206, with momentum clustering in the $175–$180 range. ETF-driven staking demand and growing DeFi activity have pushed both open interest and total value locked higher, strengthening the case for continuation.

If the token holds above $180 and clears $205–$210 with conviction, traders see upside toward $250–$260 in the near term. Some models stretch the target as high as $300 if momentum persists and ETF clarity arrives.

If both sustain technical resilience, they could define the next leg of altcoin performance into the back half of 2025, Lee concluded.



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401(k) Crypto Retirement plans ‘bigger’ than Bitcoin ETF approval: analyst
Crypto Trends

401(k) Crypto Retirement plans ‘bigger’ than Bitcoin ETF approval: analyst

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The inclusion of cryptocurrency in US retirement plans could mark a milestone for Bitcoin adoption and unlock billions of dollars in new capital, potentially pushing the asset above $200,000 by the end of 2025, according to André Dragosch, the head of European research at crypto asset manager Bitwise. 

President Donald Trump paved the way for cryptocurrency inclusion in US 401(k) retirement plans after signing an executive order on Aug. 7, granting Americans access to digital assets through their retirement plans.

The inclusion of crypto in 401(k) plans may be even more significant for the Bitcoin (BTC) price than the approval of the US spot Bitcoin exchange-traded funds (ETFs) in January 2024, Dragosch said.

This “bullish” development may be even “bigger than the US Bitcoin ETF approval itself,” signaling another $122 billion worth of new capital, assuming a modest 1% portfolio allocation, Dragosch told Cointelegraph during the Chain Reaction daily X spaces show on Monday, throwing in a price prediction for good measure:

“The official prediction remains $200,000 by the end of the year.”

“If you look at 401(K) and defined-contribution retirement plans in the US, they are huge,” said Dragosch, adding that 1% is a “relatively conservative” allocation estimate for the $12.2 trillion industry.

Is Bitcoin Headed for a 2025 Peak? Or is the 4-Year Cycle Dead? https://t.co/DckFjvkJIx

— Cointelegraph (@Cointelegraph) August 18, 2025

Including digital assets in retirement plans will enable 401(k) portfolio managers to invest in Bitcoin ETFs, which may push Bitcoin’s price to new all-time highs, flashing another optimistic signal for Bitwise’s $200,000 Bitcoin price target for the end of 2025.

Related: Bitcoin’s corporate boom raises ‘Fort Knox’ nationalization concerns

Fed policy, retirement plans seen as dual drivers

Based on Bitwise’s survey for financial advisers, most portfolio managers are more likely to recommend a 2.5% or 3% Bitcoin allocation for retirement plans, suggesting more significant inflows than the initial 1% allocation.

The first Bitcoin inflows from retirement plan managers may come as soon as this fall, coinciding with the first expected interest rate cut by the US Federal Reserve, which may drive Bitcoin to new highs, said Dragosch, adding:

“If you see further Fed rate cuts, there’s definitely a case for $200,000 by the end of the year.”

Markets are pricing in an 83% chance that the Fed will keep interest rates steady during the next Federal Open Market Committee meeting on Sept. 17, according to the latest estimates of the CME Group’s FedWatch tool.

Fed target interest rate probabilities. Source: CME Group’s FedWatch tool

Related: Analysts see Bitcoin buyer exhaustion as retail shifts to altcoins

Beyond improving monetary policy expectations, Bitcoin adoption may also be accelerated by the financial incentive of 401(k) plan providers to offer Bitcoin ETF exposure.

BlackRock, Fidelity and Vanguard are among the largest retirement plan providers in the US. While Vanguard has yet to “greenlight” crypto ETFs, “BlackRock and Fidelity have a huge economic incentive to include these Bitcoin ETFs in their standard plans,” said Dragosch.

US spot Bitcoin ETF overview by market share. Source: Dune 

BlackRock is the issuer of the largest Bitcoin ETF, the iShares Bitcoin Trust, with over $84 billion in assets under management, accounting for 57.5% of the total market share, while Fidelity’s ETF is the second-largest, holding  $22.4 billion, accounting for 15.3% of the total market share, Dune data shows.

Last Friday, US Securities and Exchange Commission Chair Paul Atkins confirmed that the regulatory agency is working with the Trump administration to enable retail investors’ retirement plan access to private equity, including crypto assets, but urged the necessity of “proper guardrails” around alternative investments.

Magazine: Crypto traders ‘fool themselves’ with price predictions — Peter Brandt





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Battlefield 6 on track to do "the best Battlefield has ever done" and pass one million in Steam pre-orders, analyst predicts
Game Updates

Battlefield 6 on track to do “the best Battlefield has ever done” and pass one million in Steam pre-orders, analyst predicts

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In case you somehow missed it, Battlefield 6 is taking the world by storm right now. The upcoming EA shooter is currently on its second early beta, having only last week brought in concurrent player counts of over 400k on Steam alone.

As such, Battlefield 6 is currently pointing at the stands bat in hand, lining up an absolutely scorcher of a launch in October. Early indications of just how successful Battlefield 6 will be are hard to parse, but video game analytics company Alinea Analytics stated that the game had 605k Steam pre-orders as of 12th August, based on its research.

That’s certainly an eye-watering number, so to learn about Battlefield 6’s momentum, as well as its impact on the wider FPS space and more, Eurogamer sat down with a chat with Rhys Elliott from Alinea Analytics to dive into Battlefield 6’s initial success, and whether the game can stick the landing.

Check out Eurogamer’s Battlefield 6 multiplayer 6 impressions.Watch on YouTube

Eurogamer: How did you reach the 600k Steam pre-order figure, and where does that stand against the performance of prior Battlefield games?

Rhys Elliot: “So I can’t give specifics on our methodology, but Steam scrapers, a panel of gamers that take info from. Current figures are at 800k copies through pre-order, revenues of $40m. Far above previous installments and other shooters.

“This is a welcome turnaround for the franchise. I’ll not say it’s been on shaky ground as prior games have sold well, but Battlefield 2042 and Battlefield 5 have been a bit of a letdown for the community, a look at critical reception or places like Reddit show its been a little bit of a fall from grace for Battlefield 3,4, Bad company etc.

“It’s an important time too as EA Sports FC – formerly FIFA – which still is EA’s cash cow has a bit of a shaky revenue long tail this year. So there’s a lot riding on Battlefield this year as there’s some uncertainty around FC this time around.”

Eurogamer: Where would you expect to see that pre-order number hit?

Elliot: “I think it’ll pass a million in pre-sales. It depends on the marketing campaign up until launch, we’ve still got two months until its release which is a long time. The second beta is ongoing, and the jury is still out ahead of the weekend which are the biggest days by-engagement on Steam. But if we look at the Steam concurrents on Thursday the 7th August, that was like 335k concurrent on Steam. Yesterday, it was 407k which is an improvement.

“So it depends on whether EA can continue that marketing momentum heading into September. There’s a lot going on in September on the shooter front, you’ve got Borderlands 4 coming out, a lot of other games… It’s quite quiet now in terms of releases, so there’s a lot of room for Battlefield to breathe. As we head into the Autumn period there’ll be a lot more going on, but as of right now it’s on track to do extremely well: the best Battlefield has ever done.”

Battlefield 6 is certainly in the zeitgeist right now, but can it stay in the spotlight? | Image credit: EA

Eurogamer: Reports earlier this year stated that there’s an internal goal for 100m lifetime players, a large part of that assumedly tied to the free battle royale mode. Do you think the game could hit that goal?

Elliot: “I think it’s completely unrealistic, to be candid. These are leaks right, they’re unconfirmed. But those figures are around Fortnite territory. Battlefield 6 is a paid game, and yes there is a free battle royale mode, so maybe that’s the ceiling that they are aiming for. But I don’t think that will happen. Battlefield is Battlefield. It’s not niche, but it doesn’t have that mass appeal that Fortnite or Call of Duty. 100m is a wild audience number.”

Eurogamer: Former Blizzard head Mike Ybarra said that Battlefield will stomp Call of Duty this year. Do you think he’s right?

Elliot: It’s not going to. Mike Ybarra has had some choice takes on Twitter recently, I think he’s been saying things like the Switch 2 not having a good value proposition, that gamers should tip publishers during economic crises. I think a lot of news outlets will run with Mike’s opinions because of what he used to do on Blizzard, but he’s just a dude, right? He’s just a dude on Twitter.

“I think it’s important not to conflate Battlefield’s pre-launch success – even if it will be a big success – with being a ‘CoD Killer’. Yes, Battlefield 6 is making all the right moves with these massive maps, a return to the core classes, the destruction. It is also borrowing a lot of things from CoD. Call of Duty is in a bit of a creative lul and an identity crisis, with Nikki Minaj shooting Beavis and Butthead while Snoop Dogg is twerking in the background. It’s weird! But it’s still a cultural juggernaut, it has a massive casual audience who buy it on autopilot every year. They complain, but they still buy it, and those habits run deep.

You’ve got to feel somewhat bad for Mrs Minaj, who has become the face of Call of Duty’s identity problem. | Image credit: Activision

“Battlefield 6 is undoubtedly winning over the hardcore FPS crowd, but CoD has that market momentum, the yearly launches, Warzone is there as that big pool for cross pollination marketing and a funnel into Black Ops. CoD has the seasonal content treadmill it’s been running for years and years, with streamer partnerships. Whether Battlefield can keep up with that is unclear.

“We’ve always heard over the years: ‘this Battlefield is going to beat CoD’. We heard it with 2042, it never happens. Even with Battlefield 1, which was a return to form for many, while CoD had Infinite Warfare. I liked that personally, it got panned by a lot of people. Even then, CoD completely wrecked Battlefield, and that’s because of the brand inertia.

“This could – and that’s a big could – be a turning point in which a few years down the line the tides could shift, but saying that Battlefield is going to boot stomp CoD in terms of sales and mind share is a bit of a wild thing to say.”

Eurogamer: EA has held back on increasing the prices of their games, and Battlefield 6 is still selling at the $70 price point. How important has this stance been for the pre-order numbers we’re seeing, and how damaging could an $80 base price point have been?

The Outer Worlds 2 recently went back to the $70 price point, in a bold u-turn by Microsoft. | Image credit: Obsidian

Elliot: “I think the shock of the extra $10 for a lot of gamers will be a bit too much. But with Battlefield and a lot of games, you’ve got the Ultimate Edition or Collectors Edition which costs $90 or $120. The super fans who can afford it usually do due to early access and other fans, and most usually do in the pre-order phases.

“Charging that extra $10 would close the door on some gamers, and as this is a year when it wants to make a big comeback, throwing the needle over to that sticker shock would have been a bad idea. I think in general, the jump from 70 to 80 is a lot, you’re closer to $100 than $50 at that point, and psychologically that’s a big step for consumers. Especially right now.

“People will pay it for GTA, and super fans will pay it for any game they’re interested in so publishers can have it both ways as long as they keep that lower floor price. Eventually, the RRP (recommended retail price) will go up for games – that’s inevitable. But for now, $70 is the sweet spot with some variable pricing for big hitters like the next Zelda or GTA. Though even GTA is a maybe, based on Zelnicks’ comments.”



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Donald Trump 1
Crypto Trends

TRUMP Meme Coin Set For A Revival? Analyst Forecasts 700% Increase To $78

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The TRUMP meme coin has been on a downtrend after being launched back in January 17, 2025, kicking off a market-wide breakdown in its wake. The continuous decline has also led to major losses for investors, with over 760,000 investors reported to have lost over $1 billion. Naturally, this has triggered a lack of trust in the meme coin. However, as it trends toward a possible bottom, there is the possibility that the TRUMP meme coin could stage another rally.

TRUMP Meme Coin Nearing The Timeline For Another Surge

In an analysis, crypto analyst Master Ananda pointed out that the TRUMP meme coin could benefit from an established trend among altcoins that have often pointed to a recovery. This trend comes after an altcoin has suffered a wave of decline and finally puts in a bottom. Once this is done, then there is nowhere but up for the meme count to go, which could benefit the TRUMP token.

Counting back the days, the analyst explains that the TRUMPUSDT had hit a bottom back in April. From there, it has been over 131 days since the bottom. For altcoins, there is usually an 8-10 months average between hitting a bottom and producing a strong bullish wave. With its current count, the TRUMP meme coin has already completed 4 months and counting, meaning that it is getting close to a possible reversal.

Expanding on the 8-10 month timeframe, Master Ananda pointed out that the wave is not instant and that there is usually a 2-month buildup toward the recovery. But once it begins, it is possible for the bullish wave to last between 1-3 months before hitting a peak. This brings it to around five months of total price action before it’s completed.

Source: TradingView

Therefore, with the TRUMP meme coin already seeing four months of sideways movement, it suggests that it could be heading into the 2-month buildup. Taking in the average of nine months, then the next five months could see the meme coin rally as the market picks up.

How High Can Price Go?

Looking at the fact that altcoins can rally by more than 300% during times like these, the crypto analyst expects no less for the TRUMP meme coin. The chart shows that after a possible bottom, the bullish wave could begin and push toward its previous peaks.

The top of the bullish zone is placed at $78, and taking the current price into account, it would mean an over 700% increase in the meme coin’s price. “If you are ready to wait 3 months, it doesn’t matter what is happening short-term; what matters is the long-term results,” the analyst stated.

Price holds $9 support | Source: TRUMPUSDT on TradingView.com

Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Bitcoin
Crypto Trends

Is Bitcoin’s Four-Year Cycle Still Alive? Analyst Hints At An Eventful 100 Days Ahead

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The “Bitcoin cycle theory is dead” is one narrative that has gained increased traction as the year has gone on, especially with the premier cryptocurrency setting multiple all-time highs since April. This hypothesis is based on the shift in the market dynamics and the entry of a new group of investors.

Since the launch of Bitcoin exchange-traded funds (ETFs) in early 2024, the market has seen the entry of a new set of institutional players. This new trend or wave of investors is believed to have introduced some form of unpredictability to the market and price movements.

Nevertheless, a market analyst on X has asked an interesting question — what will happen if the traditional four-year cycle continues?

BTC Price Could Reach Cycle Top In 100 Days

In an August 16 post on social media platform X, a market analyst—bearing the name of renowned American economist Frank Fetter—shared an insight into how the Bitcoin price could move if the four-year cycle continued. According to the pundit, the next 100 days could be interesting for the flagship cryptocurrency.

This evaluation revolves around the Bitcoin Index Performance Since Cycle Low, which tracks the performance of the BTC price in various 4-year periods. This chart displays the cyclical nature of most financial markets, including the nascent cryptocurrency market.

Fetter highlighted a Bitcoin Index Performance chart in their post, showing the movement in the past two cycles (2015 – 2018 and 2018 – 2022) and the current cycle. As shown in the chart below, the price of BTC grew by 110x in the 2015 – 2018 cycle (green line) and took 1,068 days to reach its top.

Source: @FrankAFetter on X

Similarly, the price of Bitcoin reached the cyclical peak in 2022, 1,060 days after the cycle low in 2018. However, the premier cryptocurrency only did 21x in the 2018 – 2022 cycle (blue line), reflecting a more mature and stable market environment.

In the current cycle (black line), the price of BTC is up by 7.3x from its 2022 cycle low, which was 997 days. If the traditional four-year cycle theory is still in play, it means that the market leader could be about 100 days away from reaching its price top in this cycle. From an optimistic standpoint, this means that BTC might still have one leg up before peaking.

However, a continuous rally or sustained bullish momentum even after 100 days from now could spell the end of the cycle theory for the Bitcoin price. This shift in market structure could translate into longer bull runs and shorter bearish periods for the world’s largest cryptocurrency.

Bitcoin Price At A Glance

As of this writing, the price of Bitcoin stands at around $117,625, reflecting a mere 0.3% increase in the past 24 hours.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image created by Dall-E, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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NFT Gaming

Billions in Ethereum Waiting to Be Unstaked Could Add Sell Pressure to ETH: Analyst

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In brief

  • A growing queue to unstake ETH could put sell pressure on Ethereum, according to a Bitwise analyst.
  • Ethereum’s validator exit queue hit 855,158 ETH worth roughly $3.7 billion on Friday. 
  • Ethereum’s price dipped more than 3% on Friday, shortly after the token nearly hit a new all-time high.

Ethereum holders are increasingly lining up to unstake their tokens, a trend that could put significant sell pressure on the cryptocurrency, according to one crypto expert.

The Ethereum blockchain’s validator exit queue hit 855,158 ETH on Friday—the highest it’s ever been, according to validatorqueue.com. The tokens were worth a combined $3.7 billion as of late Friday, according to data provider CoinGecko.

Staking is a process by which digital asset holders lock up their tokens to secure a blockchain network and earn rewards. Stakers may choose to unlock and reclaim their crypto amid uncertain market conditions, transferring them to comparatively risk-off assets or cashing out.

The Ethereum networks limits the amount of ETH that can be unstaked at a given time. The limit is designed to maintain network stability by preventing mass validator exits, which could disrupt the blockchain’s consensus mechanism. Currently, the queue is expected to take 15 days to clear.



The mounting queue of soon-to-be-unstaked ETH could be driving the asset’s recent retracement, Bitwise Senior Investment Strategist Juan Leon told Decrypt. The second-largest crypto asset by market cap has shed hundreds of dollars in recent days after coming close to setting a new all-time high mark.

The unstaked Ethereum queue could negatively affect ETH’s price, particularly if staked ETH trades at a discount to ETH, he explained.

“Tokens like stETH can trade at a discount. That discount reduces their value as collateral, triggering risk cuts, hedges, or even liquidations that lead to spot ETH selling,” Leon said.

He added that some trades may unwind as the unstaking queue grows, particularly if the cost to borrow ETH spikes.

When that occurs, “leveraged ‘stETH loop’ trades via liquidity pools on DeFi protocols stop being profitable,” Leon said. “Traders unwind by exiting positions and selling ETH to repay loans, creating synchronized sell pressure.”

Growing efforts to unstake ETH came shortly after the token on Thursday came within striking distance of its record price of $4,878 hit in November 2021, per data from CoinGecko. Since then, the altcoin has retraced its gains, weighed down by growing geopolitical uncertainty and a hotter-than-expected producer-price-index report from the U.S.

Despite concerns about Ethereum’s validator exit queue, Leon cautioned that a rise in ETH waiting to be unstaked doesn’t necessarily signal that the token’s price will continue to edge down.

“Unstaking doesn’t usually cause a sudden crash, but under stress it can act like a steady tap of new supply,” he said, “pressuring prices lower if it overwhelms new demand for ETH.”

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