Delphi Digital: Market Is Questioning ETH's Value Capture

At a May 22 roundtable, Delphi Digital's Research Director Ceteris flagged a notable break from historical crypto cycle behaviour: in past cycles, major assets like Bitcoin, Ethereum, and Solana moved first and pulled the rest of the market higher. That pattern has inverted — BTC, ETH, and SOL have all underperformed recently while emerging assets like Hype, Zcash, and Venice have posted strong gains.

Delphi Labs co-founder Jose went further, stating that bears who bet against Layer 1 value accrual — including Tetris Capital — were ultimately right, just early. He said explicitly that at the same market cap level, he would choose other assets over Ethereum.

The remarks carry weight given Delphi's standing as one of crypto's most respected research houses.