Where is ETH in the cycle? | Michael Nadeau

The podcast explores the current state and future potential of Ether (ETH) as an asset, questioning whether it has bottomed out in its cycle and if it can outperform Bitcoin in the next cycle. Michael Nadeau from the DeFi Report, shares his neutral perspective, stating that ETH needs to prove itself again. The discussion covers ETH's history across three cycles, noting diminishing returns, and examines the impact of Ethereum's L2 roadmap on ETH's price, suggesting it may have caused a skipped cycle due to value capture at the L1 level. Various valuation metrics are analyzed, including price-to-sales ratios and network value, with the nation-state metaphor being used to assess ETH's value. The conversation also touches on the significance of stablecoin supply and fair value metrics, ultimately estimating a potential deep value price range for ETH.