Etherealize: Ethereum may hit $250k, drawing attention to productive currency narratives

ChainCatcher news, Etherealize’s latest research report proposes the “Productive Money” theory, suggesting that if Ethereum captures the current monetary premium of approximately $31 trillion combined from gold and Bitcoin, its implied price could exceed $250k, far above the current level of around $2,300.

The report points out that ETH not only possesses traditional currency attributes such as scarcity, verifiability, and censorship resistance but can also generate an annualized yield of about 2%–4% through staking, achieving a “yield-bearing” monetary characteristic, thereby differentiating it from non-productive assets like gold and Bitcoin. Additionally, ETH in the DeFi ecosystem serves three demand sources: “collateral asset + fee burning + staking lock-up,” forming a supply contraction and value accumulation mechanism.

The report believes that with the development of on-chain finance and asset tokenization, ETH is expected to simultaneously possess the dual attributes of “store of value + productive asset.” However, the report also notes that ETH’s realization of this valuation path still faces multiple uncertainties such as regulation, technology, and competition, and its long-term value reassessment depends on the market’s recognition of its monetary properties.