CoinShares said in a post that after the Dencun upgrade, Ethereum’s fee revenue has fallen significantly, but network usage is still growing, making it harder to value ETH. Its latest research proposes a 5-year “segmented valuation” framework that brings cash flows, currency premium, and network effects into a single model. CoinShares states that, under the baseline scenario, ETH’s valuation in 2031 is approximately $4,935.

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