$ETH is trading at $2,000 today, sitting 59% below its August 2025 all-time high. Most investors have written off altcoins in a brutal bear market.
David Duong, Global Head of Institutional Research at Coinbase, thinks that is exactly the wrong read, especially when it comes to Ethereum.
Speaking on the Milk Road Show this week, Duong laid out why Ethereum might be the most mispriced asset in crypto right now.
Ethereum’s Regulatory Pass
On March 17, the SEC and CFTC jointly classified 16 crypto assets as digital commodities, including $ETH. For Ethereum specifically, this matters more than it does for most. Staking, a core part of Ethereum’s ecosystem, is now explicitly outside securities law.
“It gives $ETH more of a clean regulatory pass,” Duong said, “and I think that has already been there but it’s just nice to see it in print.”
For institutions that were sitting out precisely because of legal uncertainty, that clarity is the green light they were waiting for.
BlackRock’s Staked $ETH ETF: Why It’s Important
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.
Duong called it “a massive development that you don’t really see priced into $ETH.”
The logic is straightforward: more institutional demand coming in, less circulating supply available. That is a structural shift, not a sentiment trade.
Also Read: 5 Altcoins With the Strongest 10x Setup in the Current Bear Market
Watch EthCC This Monday
This is the angle most people have missed entirely. EthCC[9] opens in Cannes on Monday March 30, and Duong flagged a specific talk on the agenda titled “Issuance: The Cost of Inaction.”
His read is that a significant announcement about Ethereum’s monetary policy and issuance rate is coming.
“I would expect a big announcement coming about what’s going to happen with the potential $ETH supply in the future,” he said.
Institutions Are Still Bullish
Coinbase Institutional’s 2026 survey of around 350 respondents found that 73% plan to increase their digital asset allocations this year and 74% expect crypto prices to rise over the next 12 months – even though the survey was conducted during the January drawdown.
As Duong put it, “anyone who wanted to sell likely already sold.”
$ETH at $2,000, with regulatory clarity, a structural supply squeeze, and a potential catalyst arriving Monday. The market may not have caught up yet.
Read More: Citigroup Cuts Bitcoin and Ethereum Price Targets: Clarity Act to Blame?
