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Ethlabs is established vs. On-chain shorting of ETH—Which side do you trust more?
Ethlabs was founded today, endorsed by Joe Lubin and BitMine. On the other side, institutions are shorting ETH on-chain for 125 million. The information from the two groups of institutions is completely asymmetric.
I am more inclined to trust the on-chain shorting side. On-chain positions are real money, and stop-loss means losing money. Meanwhile, establishing companies off-chain and endorsing ecosystems are often just narratives and PR. Institutional funds have never been a monolith; some are bullish on the ecosystem, while others are bearish on the short-term price, and both can coexist.
But this also reminds us: the institutional narrative of the ETH ecosystem is splitting. One side is telling stories off-chain, while the other is voting with real money on-chain. My experience is that real money voting is often more accurate.