CoinShares’ division valuation framework is pretty interesting—it bundles cash flows, currency premium, and network effects. In the baseline scenario, you see 4,935 in 2031. Do you think that’s overly conservative or optimistic?

CoinShares said in a post that after the Dencun upgrade, Ethereum’s fee revenue fell significantly, but network usage continued to grow, making it harder to value ETH. Its latest research proposes a 5-year “segmented valuation” framework that incorporates cash flow, monetary premium, and network effects into the same model. CoinShares stated that, under the baseline scenario, ETH’s valuation by 2031 is approximately $4,935.