1/ I get the argument $ETH has more risk than $BTC, and that DeFi represents more alpha than ETH.

But ETH may take on a life of its own as a critical infrastructure and value asset in crypto this cycle.

I can't understand the notion of NOT building a long-term position in it.

2/ Yet some may skip it because of barbell portfolio management.

OK, that may make sense if you just look at price volatility and comparative market caps / expected price reflexivity.

But it misses how dramatic the long-term potential of Ethereum really is- in DeFi & beyond.

3/ I don't think some funds consider the ascent of ETH as a programmable reserve asset, still trapped in "Ethereum could be displaced for smart contract" narratives.

It will become obvious as DeFi grows though, and the FOMO will be glorious.

4/ Finally, I think the idea that any investor can outperform ETH simply by buying "DeFi" is misplaced.

Don't get me wrong- I'm long DeFi (about 40% right now), but it started off as way less AND I follow the space closely and can spot the real deal. Many newer entrants can't.