About this episode
Ethereum underperformed this cycle, and investors are asking the big question: did ETH just skip a cycle, or is something deeper going on? Michael Nadeau joins Ryan to break down where Ethereum sits in the market cycle today, why several of his key indicators suggest ETH is entering a fair value zone, and whether the true macro bottom could still lie ahead.They also unpack why ETH struggled despite improving fundamentals. Mike explains how Ethereum’s L2 roadmap may have improved the network while weakening short-term value capture for the asset itself, and what signals he’s watching (MVRV, supply in profit, the 200-week moving average) as he looks for the next expansion phase.Michael Nadeau & The DeFi Report:https://x.com/JustDeauIthttps://thedefireport.io/---?GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy---BANKLESS SPONSOR TOOLS:?POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast ?GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/galaxy-podcast ?BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget?THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless? WORLD | FULLY ONCHAIN EXCHANGEhttps://bankless.cc/world---TIMESTAMPS0:00 Intro3:50 The History of ETH Cycles5:41 Analyzing Performance Trends8:32 The Impact of L2 Roadmap10:24 Roadmap Decisions & Market Perception15:50 Valuation Metrics Explained20:08 Disparities in Valuation Methods23:22 Navigating Market Conditions26:14 Nation-State Metaphor & Valuation27:45 Revenue and Economic Impact33:42 DEX Volumes & Their Implications37:25 Stablecoin Supply on Ethereum38:09 Cycle Metrics & Analysis44:22 Fair Market Value Insights
