Garrett Jin, an agent of "1011 Insider Whale," highlighted that structural factors are impeding the growth of Ethereum (ETH) and Bitcoin (BTC) compared to other risk assets. Key issues include trading cycles, market microstructure, and potential manipulation by exchanges and speculative funds. The ongoing deleveraging since October has notably impacted leveraged retail investors, contributing to the underperformance of these cryptocurrencies. Despite short-term setbacks, BTC and ETH have outperformed most assets over a six-year period, suggesting that current underperformance may be a mean reversion. Jin emphasizes that BTC's "digital gold" narrative and ETH's role in AI and RWA infrastructure remain strong, negating long-term underperformance concerns. With BTC and ETH futures trading volumes at historical lows, the deleveraging cycle may be concluding. Jin argues that labeling these cryptocurrencies as purely risky assets overlooks their safe-haven attributes, with market dynamics and retail investor dominance playing significant roles in recent volatility.