The Milk Road Show Ethereum Can Dominate Crypto and Still Be a Bad Investment w/ Christopher Keshian
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Jan 14, 2026 Christopher Keshian, founder of Triton Liquid Fund and a crypto research expert, shares a contrarian view on Ethereum's value. He argues that ETH could support huge economic activity while being overvalued. Keshian discusses various valuation approaches and explains why Layer Twos may dilute ETH's value capture. He also explores crypto's economic verticals, revealing which applications and narratives might last. Additionally, he highlights the importance of macro signals and trader behavior in understanding market dynamics.
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ETH Can Win Without Price Following
- Ethereum can host trillions in on-chain volume without that value accruing to ETH holders.
- Layer-2 migration, stablecoin dominance, and current valuation models weaken ETH's investable case.
Align Research With Actual Positions
- Publish research and align portfolio actions with public theses to maintain credibility.
- Triton Liquid Fund demonstrates this by not holding ETH after publishing their valuation work.
Ecosystem Strengths Versus Token Economics
- Ethereum's ecosystem and developer network remain its biggest strengths even if ETH price lags.
- Clean, abstracted L2 interoperability and sustainable negative ETH issuance could change valuation dynamics.