David Duong, Global Head of Institutional Research at Coinbase, has publicly stated that Ethereum (ETH) is "the most mispriced asset in crypto right now," citing a confluence of regulatory clarity, institutional demand, and an upcoming potential catalyst at the Ethereum Community Conference (EthCC).
Duong made the remarks on the Milk Road Show this week, pointing to several key developments. The most significant is a recent joint classification by the SEC and CFTC on March 17, which designated 16 crypto assets, including ETH, as digital commodities. For Ethereum, this provides explicit clarity that staking—a core function of its ecosystem—falls outside securities law. "It gives ETH more of a clean regulatory pass," Duong said, noting this removes a major hurdle for institutional investors who were waiting for legal certainty.
Another major factor is the launch and immediate success of BlackRock's iShares Staked Ethereum Trust ETF. The fund launched earlier in March 2026 and attracted $254 million in its first week, making it the fastest-growing crypto ETF launch of the year. The fund plans to stake between 70% and 95% of its ETH holdings, directly reducing circulating supply. Duong called this "a massive development that you don't really see priced into ETH," framing it as a structural shift in supply and demand dynamics rather than a short-term sentiment trade.
Duong flagged a specific upcoming event as a potential catalyst: the EthCC[9] conference opening in Cannes on Monday, March 30. He highlighted a scheduled talk titled "Issuance: The Cost of Inaction," interpreting it as a sign that a significant announcement regarding Ethereum's monetary policy and issuance rate could be imminent. "I would expect a big announcement coming about what's going to happen with the potential ETH supply in the future," he stated.
This bullish outlook is supported by institutional sentiment. Coinbase Institutional's 2026 survey of approximately 350 respondents found that 73% plan to increase their digital asset allocations this year, and 74% expect crypto prices to rise over the next 12 months. Duong's analysis suggests the market has not yet priced in these fundamental developments, with ETH trading around $2,000—59% below its August 2025 all-time high—amid a broader altcoin bear market.
