ETH valuation questioned with a price-to-sales ratio as high as 380: Is it a bubble or a paradigm shift?

[Bitpush] The community is in an uproar lately—Is ETH really worth its current price?

A fund founder, Santiago, fired the first shot: Look at the price-to-sales ratio! ETH is currently valued at $380 billion, but its annual revenue is only $1 billion, which means a price-to-sales ratio of 380x. Even at the peak of the dot-com bubble, Amazon’s price-to-sales ratio never exceeded 28x. In other words, ETH holders are paying 146 times more for every $1 of earnings compared to Amazon investors back then. He emphasized one thing—Amazon was also a successful network, but in the end, valuation still comes down to hard indicators like revenue and cash flow. Metrics like TVL, collateralized assets, or settlement volume aren’t real, tangible income.

But SharpLink (an Ethereum treasury company) completely disagrees with this logic. They counter: You’re applying a company valuation model to a network? That’s not the same thing at all! ETH is the infrastructure that the future financial system will migrate to, and its potential market is much bigger than Amazon’s ever was. The real metric to look at is the scale of assets secured by the network—historical data shows that as on-chain assets (TVL) increase, ETH’s price rises as well. While they’re not perfectly synchronized, the trend is clear.

Both sides have their arguments. Which side are you on?