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Cumberland Morning Color
Good Morning and Happy Monday from Cumberland APAC! The market’s attention is on ETH this morning, which is up 4% and over $3100, a high since April 2022. The narrative on this rally almost instinctively looks towards the prospects of an ETH spot ETF; after all, the signs pointing to a BTC ETF, which would later be validated, drove BTC’s outperformance against almost everything in Q4. ETH would be the obvious beneficiary of the next ETF, but attributing this rally to an ETF may be a mistake. The road to a BTC ETF was a long one, spanning many years, and it was finally approved only because of a series of lawsuits essentially forcing it into being. It’s not reasonable to expect the ETH ETF to be that difficult, but it might be...