According to @MilkRoadDaily, @avichal of Electric Capital states that BTC is a store of value and ETH is where the future of global capital markets will be based, source: @MilkRoadDaily. This frames a trading thesis that separates BTC as digital store-of-value exposure and ETH as the programmable base layer for capital markets infrastructure, source: @MilkRoadDaily. Allocation decisions following this thesis would treat BTC as macro SoV exposure and ETH as growth and utility exposure tied to tokenized assets and on-chain finance, as characterized by the source, source: @MilkRoadDaily.

According to @MilkRoadDaily, ETH ETFs attracted $5B of inflows in July, nearly matching BTC for the first time, highlighting accelerating institutional demand via digital asset treasuries buying billions in ETH; traders should watch ETF net flows as a near-term liquidity driver for ETH. Source: @MilkRoadDaily (X, Aug 12, 2025). According to @MilkRoadDaily, Electric Capital co-founder Avichal characterizes this setup as a potential "ETH 2019 BTC moment," signaling a possible cycle inflection that makes the ETH/BTC relative trend and sustained ETF subscriptions critical trading monitors. Source: @MilkRoadDaily (X, Aug 12, 2025).

According to Milk Road, the market for Layer 1 blockchains (L1s) is expected to become increasingly fragmented, akin to social networks, suggesting that investing solely in one L1 is not advisable. This perspective highlights the importance of diversifying investments across different blockchain applications rather than concentrating too heavily on L1s. The report also references discussions with Avichal, emphasizing the strategic allocation between L1s and blockchain applications. These insights are crucial for traders looking to optimize their cryptocurrency portfolios by balancing investments between foundational blockchain infrastructures and emerging applications. Source: Milk Road.