Valuations
ETH Is a Snowflake: The Case for ETH Decoupling
ETH moves in lockstep with BTC and altcoins as if it were the same asset class. It is not. The…
Jan 30
OpinionBeyond the Risk-On Trade: Why ETH and BTC Must Graduate to Fundamentals
Risk-on pricing built crypto fast. Fundamentals will decide whether it lasts. Should ETH and BTC remain risk-on assets, or is…
Jan 12
Featured ETH outperformance expected | Standard Chartered
The outlook for Ethereum has evolved since August 2025. In absolute USD terms, weaker-than-expected Bitcoin performance has weighed on the…
Dec 11
ReportsThe Internet's Blueprint for Ethereum: A Trillion-Dollar Public Goods Valuation Framework
This report argues that Ethereum is fundamentally mispriced because markets value it as a for-profit company rather than as a…
Oct 05
FeaturedRealized Store of Value (RSOV): Measuring the Monetary Base of L1’s
Jamie Coutts introduces the Realized Store of Value (RSOV) framework as a new way to value Layer 1 (L1) blockchain…
Sep 15
ReportsWhere Is The Capital in Crypto? A Look at App Capital, a Durable Metric of Blockchain Adoption
Defining App Capital App Capital can be thought of as the economic mass of a blockchain’s application layer. It measures…
Jun 17
OpinionRethinking Blockchain Valuation for the Age of Decentralized Infrastructure
Traditional metrics fail to capture what blockchains really are. A new paradigm is needed—one rooted in usage, monetary flows, public…
Jun 13
OpinionEthereum Can’t Be Valued on Discounted Cash Flow
Ethereum Is Not a Company, It’s the Backbone of a New Digital EconomyThe narrative that Ethereum should be valued like…