ETH is large enough and liquid enough to be considered in tradfi portfolios. Because crypto is considered high-beta QQQ. It is therefore, benchmarked as such. Yet, PMs see a volatile, speculative asset that is currently priced at 2,774x price to revenue. They then look at AMD, Micron Technology, Netflix and Palantir which all trade between ~8x (Micron Technology) and ~109x (Palantir) P/S, respectively. These companies also clock between ~$4bn (Palantir) and ~$43bn (Netflix) in TTM revenues, compared to Ethereum’s ~$500m. No wonder ETH is having a hard time. Institutionalisation is a double-edged sword.