Thread by @woonomic

Ethereum supply shock well and truly at all time highs.

Looks like the market overpriced it in May but is probably underpricing it July / August.

Switching to an oscillator view of this, it's moving out of its no-brainer buy zone with the latest rally. But importantly, despite short term technicals being quite warm, it's far from over-bought on fundamentals.

On-chain data by @glassnode.

Note: the latest supply burn from EIP-1559 is not accounted for in Glassnode data. But it should not impact these metrics just yet (~0.01% impact on this indicator for now). Glassnode will be rolling in EIP-1559 burn data soon.

PS. Enjoyed posting this for the reactions.

Many think I'm a maximalist. I'm not, I happily trade any crypto-asset.

I'm a maxi in regards to #Bitcoin winning the monetary standard.

#Ethereum is very liquid and tradable, it has many platform competitors which I also trade.

I doubt we'll have one single winner in the platform wars.

We use many platforms in tech according to changing needs. You're reading this on Twitter which was a simple Ruby app and now uses a family of platforms to deliver at scale.

USDC uses ETH, SOL, etc. Migration is common.