Regulatory clarity remains the primary driver of ETH risk premia, despite potential second-guessing by corporate treasuries.

Regulatory clarity remains the primary driver of ETH risk premia, despite potential second-guessing by corporate treasuries. Recent events, including BlackRock's Ethereum spot ETF inflow and the House Chair's CLARITY Act timeline, reinforce this view. I observed a $28M long straddle on ETH, indicating high conviction on volatility, but this does not alter my stance. Whale selling and large ETH sales may test regulatory clarity's impact on price, but are noise unless tied to concrete policy signals.