COINOTAG News, September 25th — In a sharply worded post, Andrew Kang, founder of crypto VC Mechanism Capital, reiterated his critique of Tom Lee, even likening Ethereum to “Luna 2.0.” Kang framed his remarks around structural and market dynamics rather than conjecture, signalling a contested debate among institutional observers about the blockchain’s risk profile.
Kang outlined five practical counterpoints: doubts about yield from widespread stablecoins and RWAs, rejection of the “digital oil” analogy for ETH, skepticism on large-scale institutional buying and staking, rejection of parity between ETH and broad financial-infrastructure valuations, and on-chain and price data pointing to prolonged consolidation.
The exchange highlights a growing divergence in professional views on Ethereum price drivers; market participants should weigh on-chain metrics, macro liquidity and risk-adjusted returns when assessing exposure to ETH.
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