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Ethereum's (CRYPTO: ETH) decisive break below the critical $3,000 level has reignited a months-long debate: was the prior bullish thesis driven by real fundamentals—or by a deep misunderstanding of how Ethereum works?
What Happened: Prominent trader Andrew Kang publicly shredded Tom Lee's bullish ETH thesis, calling it "deeply flawed" and "financially illiterate" in September as ETH was 10% off its all-time high.
Kang argued that Ethereum's valuation hinges far more on macro liquidity and speculative belief than on structural fundamentals.
He outlined several key weaknesses—including limited stablecoin and RWA adoption, institutional staking dynamics, and valuation misalignment with real financial infrastructure—and warned that without major changes, ETH could underperform and remain range-bound.
Fast-forward less than two months and Ethereum has now plunged 32.3%, wiping out a large chunk of investor wealth and lending weight to Kang's bearish call.
Kang reiterated in October that ETH's “strength has limits," noting he has been bearish since ETH/BTC was 0.07.
Also Read: BlackRock Preps Staked Ethereum ETF Launch—But Vitalik Buterin Warns Against ‘Wall Street Capture’
Why It Matters: Crypto analyst Ted Pillows noted ETH briefly dipped below $2,900 before bouncing but stressed that reclaiming $3,200 is essential for a local bottom. Failure to do so, he warned, "will result in a bigger correction."
Pillows added that BlackRock sold $1.1 billion in ETH during November, marking a sharp shift from earlier institutional accumulation. While October's selloff came from Asian whales, he said November's damage was driven by U.S. institutions.
Trader Niels pointed to an under-the-surface dynamic: roughly 18% of ETH has left exchanges in the final leg of the cycle, flowing into ETFs and institutional custody. These holders tend to accumulate, not trade, reducing liquid supply and priming the market for an eventual high-pressure move.
Meanwhile, Onchain Lens reported that trader Machi was partially liquidated on a 25x ETH long, taking losses exceeding $20 million, a stark reflection of market stress.
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Posted In: $ETH
