Crypto Analyst Miles Deutscher Shares Insights on Ethereum, Meme Coins, and Bitcoin Market Trends.
Crypto analyst Miles Deutscher has shared some interesting insights about the current state of the crypto market. He likened Ethereum to a casino, stating that "if meme coins are gambling, then Ethereum is the casino." This comes after data revealed that 23,463 ETH had been burnt in the past week due to increased network activity. Deutscher quipped that "the house always wins," suggesting that while individual transactions may fluctuate, the overall Ethereum network continues to thrive.
Deutscher also expressed caution about the surge in popularity of meme coins like $PEPE, pointing out that TOTAL3, a measure of total liquidity in the market, had remained flat. He suggested that the excitement around meme coins may be a case of capital rotating from one coin to another, rather than indicating new retail interest or net inflows into the market.
In terms of Bitcoin, Deutscher sees it as a long-term investment for himself and future generations, likening it to how he sees gold. He uses a portion of his Bitcoin for trading in and out of altcoins versus BTCUSDT pairs, but clarified that most of his Bitcoin is kept in long-term cold storage.
As of 5:48 a.m. UTC on May 3, 2023, BTCUSDT and ETHUSDT were trading at around $28,506 and $1,862, respectively, with both showing a slight uptick in the past 24 hours.
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