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Delphi Digital: Market Starts Questioning ETH's Value Capture

On May 22, 2026, during a roundtable discussion, Ceteris, Research Director at Delphi Digita, stated that in past crypto cycles, major assets typically moved first before driving the momentum of other tokens. 

Recently, however, Bitcoin, Ethereum, and Solana have all underperformed, while emerging crypto assets like Hype, Zcash, and Venice have shown strong performance.Jose, Co-founder and Business Lead at Delphi Labs, added that the bears who previously bet against Layer 1 value accrual—such as Tetris Capital—were right, but simply too early. He explicitly stated that at the same market cap level, he would rather hold other assets over Ethereum.