Ethereum is mispriced, according to Coinbase’s Global Head of Institutional Research, David Duong, ahead of EthCC in Cannes. Ethereum is trading near $2,000, about 59% below its August 2025 all-time high, and Duong argues this reads the market wrong, especially for Ethereum. He notes that ‘Most investors have written off altcoins in a brutal bear market,’ yet he believes Ethereum presents a different risk-reward. On March 17, the SEC and CFTC jointly classified 16 crypto assets as digital commodities, including ETH, a move that Duong says grants Ethereum a clearer regulatory path.
BlackRock launched its iShares Staked Ethereum Trust ETF earlier this month, pulling $254 million in its first week—the fastest-growing crypto ETF launch of 2026. The fund intends to stake between 70% and 95% of its ETH holdings under normal conditions, a move Duong called ‘a massive development that you don’t really see priced into ETH.’ The logic is straightforward: more institutional demand coming in, less circulating supply, a structural shift rather than a sentiment trade.
This is the angle most people have missed entirely, and EthCC’s schedule hints at potential catalysts. Duong flagged a talk titled ‘Issuance: The Cost of Inaction,’ and he expects a significant announcement about Ethereum’s future issuance. Coinbase Institutional’s 2026 survey found that 73% plan to increase digital asset allocations this year and 74% expect crypto prices to rise over the next 12 months despite a January drawdown. At around $2,000, Ethereum sits at a pivotal point where regulatory clarity, a supply squeeze, and upcoming catalysts could reshape its demand dynamics and trajectory.
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