Market Analysis - The report analyzes whether the rush of public companies locking ETH onto their balance sheets signals a late-cycle greed run or a setup for a painful reversal [1] - The analysis uses onchain signals to estimate the current position in the market cycle, placing it around 9 p.m on the market clock [1] - The report examines surging DEX volumes and record stablecoin supply as indicators [1] Investment Opportunities and Risks - The report evaluates ETH treasury companies, focusing on picking the right ones [2] - It outlines the risks of leverage, premium flips, and exit strategies for smart investors [1] - The report identifies signs of market overheating and indicators of market sentiment [2] DeFi Impact - The report explores the impact of ETH on DeFi and the potential for DeFi Summer 20 [2] - It analyzes active loans in DeFi [2] - The report highlights how staking yield and convertible debt amplify reflexivity [1]

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Market Narrative - Narratives in crypto tend to follow price movements, justifying them rather than predicting them [1] - The market's narrative is shaped by price action, with explanations emerging after significant chart movements [1] - The absence of a surge in ETH to $10 thousand led to the disappearance of the ETF narrative [1]

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Market Trend - Altcoins have decreased 44% against Ethereum since April, indicating an "Ethereum Season" [1] - Ethereum is outperforming even Bitcoin, with only a few altcoins as exceptions [1] Cryptocurrency Analysis - Ben Cowen analyzes the altcoin market's downturn and Ethereum's dominance since spring [1]

RT Limitless (@LimitlessFT)There's one MAJOR difference between AI and NFTs.And @xanderatallah would know, as co-founder of both @opensea and @OpenRouterAI"Crypto is an extremely long term play... whereas AI has overnight business transformations"@Josh_Kale and @cryptopunk7213 unpack in 60s 👇 https://t.co/GPIUnERG0n ...

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ETH Treasury companies may push ETH to new highs — but then what?Ben Cowen ( @intocryptoverse ) warns that the current ETH treasury hype may be pulling forward demand.He’s worried we’ll see a wave of altcoin treasury firms chasing quick returns — and setting up a massive crash:“A lot of greedy people are going to launch these treasury companies for altcoins… and it’s going to be an absolute disaster.” ...

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“Once you start going higher up the risk curve… into a lottery of altcoins, you almost start to develop the narrative for a 2026 bear market.”Ben Cowen ( @intocryptoverse ) is watching for a classic market script: altcoins capitulate, narratives form, and projects misallocate capital… ...