The Milk Road Show Why Ethereum Might Be the Most Mispriced Asset in Crypto Right Now w/ David Duong
Mar 27, 2026
David Duong, Global Head of Institutional Research at Coinbase Institutional, breaks down why recent regulatory clarity and big moves like BlackRock’s ETH product could shift institutional behavior. He discusses digital-commodity taxonomy, how it helps new token projects, staking’s effect on ETH supply, and rising institutional allocations. Short, sharp takes on market structure and why crypto may be reprice-ready.
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Digital Commodity Status Clarifies Token Rights
- Digital commodity status clarifies that tokens don't convey claims on future profits or enterprise revenue.
- That clarity makes it easier for institutions to understand what they actually own when buying tokens and reduces legal uncertainty.
Focus On Building Not Legal Existential Risk
- Expect more projects and institutions to proceed with launches and deployments now that the regulatory framework is clearer.
- David Duong says teams can refocus from legal existential questions back to building networks and products.
Institutional Demand Shifting Toward Fundamental Revenue Models
- Institutions are shifting from buying tokens for regulatory safety to buying those with clear fundamentals or revenue mechanics.
- Examples include Uniswap voting to include protocol revenue via burns and Hyperliquid's token-burning mechanics tied to perps demand.