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Two Prime drops Ethereum, labeling it a memecoin amid waning institutional interest https://t.co/9t6Y6E08TR
ICYMI: TWO PRIME ANNOUNCED "...WE HAVE DETERMINED AS A FIRM TO FOCUS ONLY ON BTC ASSET MANAGEMENT AND LENDING GOING FORWARD. ETH’S STATISTICAL TRADING BEHAVIOR, VALUE PROPOSITION, AND COMMUNITY CULTURE HAVE FAILED BEYOND A POINT THAT IS WORTH ENGAGING" https://t.co/tuu7u7Z9Va
Alexander Blum, CEO at investment firm Two Prime on why they are going BTC-only: "As an algorithmic trading firm, we value data more than narratives. And the data suggests ETH has fundamentally changed. It has de-correlated from BTC and added much greater tail risk. It trades https://t.co/ReYkBnn3S8
Two Prime, one of the largest digital asset trading firms with a Bitcoin-backed loan portfolio exceeding $1 billion, has announced it will cease support for Ethereum and transition to a Bitcoin-only strategy. The firm's CEO, Alexander Blum, cited data-driven analysis indicating that Ethereum's trading behavior, value proposition, and community culture have deteriorated to a point that no longer justifies engagement. Two Prime highlighted that Ethereum has de-correlated from Bitcoin and carries increased tail risk, leading the firm to focus exclusively on Bitcoin asset management and lending. The decision reflects waning institutional interest in Ethereum, which Two Prime described as a memecoin.