Meanwhile, Institutional ETH holders like SharpLink are doubling down with staking and long-term strategies.
Ethereum recently broke through the $3,700 barrier and registered its highest point since January of last year. This recent surge has drawn much attention from both investors and critics, most notably Peter Schiff.
The economist and long-time crypto critic took to social media to advise holders to convert their ETH into Bitcoin.
Peter Schiff, who is known for being not only a “gold bug” but also a bitcoin critic, didn’t hold back in his latest commentary. He took to X to declare that Ethereum’s rally was nothing more than a “bubble”. Moreover, the cryptocurrency is part of a broader bear market narrative.
“Ether is back near the upper end of its trading range again,” he wrote. “If you own any, this is a great time to sell. As much as it pains me to say, selling Ether and buying Bitcoin with the proceeds is a better trade than holding Ether.”
Despite his distaste for both cryptocurrencies, Schiff argued that Bitcoin holds more stability due to its “digital gold” narrative. Ethereum, on the other hand, has lost its edge in smart contract dominance as more blockchain competitors enter the market.
According to him, Ethereum’s use case is no longer unique, and its narrative is slowly eroding.
While Schiff’s take was unsurprisingly bearish, Ethereum’s recent price action tells a different story. The token’s rise above $3,700 is being supported by genuine market activity, especially from institutional players.
Over the past week, ETH gained more than 25%, and is boosted not only by strong technical signals, but a series of bullish developments.
The biggest among these is the success of spot Ethereum ETFs, which have seen massive inflows recently. These ETFs have opened the door for traditional investors to gain exposure to ETH without needing to hold the asset directly.
As a result, Ethereum is now drawing attention from financial institutions that previously focused only on Bitcoin.
In addition, several public companies have started to add ETH to their treasuries. Among the most notable is SharpLink Gaming, which now holds over $1 billion worth of Ethereum.
The company has also announced plans to stake its ETH holdings and support the Ethereum network directly.
Schiff may doubt Ethereum’s staying power, but major companies and investors are making moves that suggest otherwise.
BitMine and SharpLink are just two examples of firms betting big on ETH. Their decisions to not only hold but actively stake Ethereum show that the cryptocurrency is still a major piece of the defi space.
Ethereum supporters were quick to respond to Schiff, calling his advice outdated and overly simplistic. SharpLink Gaming even edited Schiff’s post to promote staking Ethereum rather than selling it.
Overall, while Ethereum may not be the only player in the space anymore, it is the most battle-tested and widely adopted smart contract platform, and analysts see highs of $8,000 – $10,000.
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