Ethereum
ETH ✓ VerifiedPrice
$1,566.51
24h
-2.75%
Mkt cap
$188.86B
Volume
$52.2M
We read this asset as:Cash-flow lensFees accrue to token holders — read via P/F, P/S and premium.
Today's backdroppolicy rate (EFFR) 3.63% · 10Y–2Y +0.28 (upward-sloping) · gold $4,587 · WTI $100shared macro environment — context, not a driver of this price
0.25% of this price is anchored to realized cash flow today — the base-fee burn, capitalized. The remaining 99.75% is the market's future expectations: adoption, growth, network value. Whether those expectations are reasonable or excessive is for the reader to judge.
Price decomposition — measured anchor vs the future expectations priced on top
0.25%measured anchor
future expectations: 99.75% of price
future expectations: 99.75% of price
Cash-flow value (E/r) measuredNo floor — structural (PoS)Future expectations residual▏price = 100%
The measured-anchor bar is drawn at a minimum width for visibility — the true measured anchor is 0.25% of price, not to scale.
The current price implies a perpetual growth rate of 241% — at or above the discount rate (g ≥ r). We report what the price implies; we do not say it is justified.
Proof-of-stake assets have no production-cost floor — not a measurement gap, but a structural consequence of proof-of-stake. How we verified this →
Block
This asset
% of price
If it were a stock
No floor — structural (PoS)
net-burn stock — needs our own node (not estimated)
N/A
—
Exogenous, holder-attributable floor
Cash-flow value (E/r)
base-fee burn capitalized at r — total gas needs a node
$3.97
0.25%
Realized cash flow, capitalized
Future expectations
residual = price − measured anchor (not split, not justified)
$1,562.54
99.75%
Priced over the measured anchor
Discount-rate dial — r = risk-free (10Y) + crypto risk premium. Higher r shrinks the capitalized fundamental; discounting, not causation
Measured anchor: 0.25% of price (tiny here — the residual flow is small; the mechanism is shown honestly)
P = C (floor) + E/r (cash-flow value) + future expectations (Ohlson frame). r = 12.4% (10Y + crypto premium). Measured inputs are self-computed keyless; the residual is shown bare, never dressed as a measured block. Full method →
4Overview
Ethereum L1. Gas fees are protocol revenue; under EIP-1559 the base fee is always burned, so real fees reduce supply and accrue to all holders (= our `burn`). We attribute ONLY the net base-fee burn to P/S — priority tips go to validators, and staking yield (issuance-funded) is excluded, not mixed in.
5Official links & addresses
garnish · public source · coingecko · 2026-06-26
Addresses not yet listed
Trust official addresses only — beware impersonator tokens
Share this asset
6Market · supply
garnish · public source · kraken price; supply N/A (no keyless call) · —
Market cap, FDV, and circulating supply are derived from supply. This chain's native supply requires node-level data we don't source keylessly — so we show N/A rather than an estimate. Methodology →
ATH / ATL build as we accumulate price history.
Price
$1,566.51
24h change
-2.75%
24h volume
$52.2M
Market cap
—
FDV (fully diluted)
—
Circulating supply
—
Total supply
—
Max supply
—
Circulating ratio (circ÷max)
—
ATH
—
ATL
—
How the world reads this pricethe frames the market uses — value · timing · sentiment · what is honestly N/A
Valuation our-lens support
Measured anchor (% of price)value
0.25%
Buyback multiple (mcap ÷ base-fee burn)value
3,186.9×
burn = buyback, not earnings; issuance not netted
P/F (mcap ÷ fees)value
2,178.1×
'fees' today = base-fee burn sample, not full gas revenue (understated)
Supply & issuance
Circulating / total supplyvalue
— / —
Net issuance (issuance − burn)value
see note
Net issuance ≈ slightly positive — post-Dencun the EIP-1559 burn fell below issuance, so ETH is mildly net-inflationary (the 'ultrasound money' case is contested).
Cycle & timing timing, not value
Drawdown from all-time hightiming
—
Mayer Multiple · 200-day/200-week MAtiming
N/A · needs price history
Puell / Hash Ribbonstiming
N/A · PoS (no mining)
Sentiment sentiment, not value
Crypto Fear & Greed (market)sentiment
15 · Extreme Fear Source: Alternative.me
market-wide / BTC-centric, not per-asset
Per-asset sentimentsentiment
N/A · no keyless per-asset index
Network & adoption
DEX liquidity (top pools)value
$180.2M · top uniswap via DexScreener
on-chain depth across the token's DEX pairs
Active addresses · tx/day · Metcalfevalue
N/A · needs our own node
On-chain cost-basis node-only
MVRV · realized cap · NUPL · SOPRvalue
N/A · needs our own node
account-model chains still need full UTXO/cost-basis indexing — outside our keyless infrastructure
▦How the world reads this price · perspectives, not a verdict
The frameworks and narratives the world uses to argue about this price — each as an attributed claim placed beside its rebuttal, side by side. This is a map of perspectives, not our verdict; no forecast, no recommendation.
Bull ↔ skeptic perspectives
two-sided · attributed · how the market argues this price, not our verdict
Ultrasound moneysupply
The claim (ETH proponents): EIP-1559 fee burn can outpace issuance and make ETH net-deflationary.
The other side: Post-Dencun the burn fell as activity moved to L2s; supply has risen since the Merge — slightly net-inflationary now.
Grounding: proponents cite the base-fee burn; the counter cites net ETH supply rising since the Merge and the post-Dencun fall in mainnet burn — see the Supply & issuance frame above.
Settlement & data-availability layernetwork
The claim (proponents): ETH is the settlement and DA base for a rollup-centric world and the DeFi base layer.
The other side: L2s capture most execution fees; value can leak off mainnet as activity moves up the stack.
Grounding: the two sides cite the same fact differently — a rollup-centric design where L2s settle to mainnet, while the fees accrue on those L2s.
Deepest staking & securitystaking
The claim (proponents): The largest staked base and validator set give deep economic security.
The other side: The staking yield is funded by new issuance (dilution), not external earnings.
Grounding: critics point out the yield is paid from new issuance, not external revenue — the net-of-issuance accrual is what our model reads (node-gated, N/A keyless).
Institutional adoptionadoption
The claim (proponents): Spot ETFs and corporate treasuries broaden access.
The other side: Others argue Wall Street has under-adopted ETH relative to BTC; narrative fatigue.
Grounding: proponents cite spot-ETF and corporate-treasury flows; skeptics cite relative under-adoption versus Bitcoin.
Scaling roadmapnetwork
The claim (proponents): Blobs and further scaling lower costs and expand capacity.
The other side: Execution and complexity risk, plus competition from alternative L1s.
Grounding: proponents cite blob (EIP-4844) scaling; skeptics cite execution complexity and competition from alternative L1s.
Full data & breakdownon-chain · events · derivatives · peers · governance · risk — expand for the institutional detail
7On-chain · holders
Institutional treasuries
garnish · public source · coingecko · 2026-06-30
Total held
7.71M BTC
Total value
$12.09B
Share of market cap
6.39%
Companies
32
Largest holderBitMine Immersion BMNR.US·US · 5.70M BTC · 4.723% of supply
Holder list32
BitMine Immersion BMNR.US·US5.70M BTC 4.723% of supply
SharpLink SBET.US·US868,699 BTC 0.72% of supply
The Ether Machine ETHM.US·US496,712 BTC 0.412% of supply
Bit Digital BTBT.US·US158,462 BTC 0.131% of supply
Coinbase Global COIN.US·US150,193 BTC 0.124% of supply
BTCS BTCS.US·US70,787 BTC 0.059% of supply
Forum Markets (formerly ETHZilla) FRMM.US·US69,802 BTC 0.058% of supply
Galaxy Digital Holdings Ltd GLXY.US·US61,137 BTC 0.051% of supply
FG Nexus FGNX.US·US40,093 BTC 0.033% of supply
Yueda Digital Holding YDKG.US·KY19,929 BTC 0.017% of supply
Bullish BLSH.US·US14,200 BTC 0.012% of supply
Eightco Holdings ORBS·US11,068 BTC 0.009% of supply
EEvents & filings · observations, not signals
Primary-source filings (SEC EDGAR) and regulation (Federal Register) that mention this asset — listed as observations, not signals. We show that each existed at a date; we do not connect any of them to price.
2026-06-15SEC filingBITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) — 8-K↗2026-06-09Federal RegisterNotice: Self-Regulatory Organizations; MEMX LLC; Notice of Filing of a Proposed Rule Change To Amend Rules 19.3 and 19.4 To Establish Listing Criteria and Withdrawal Standards for Options on Commodity-Based Trusts That Hold Multiple Crypto Assets (Securities and Exchange Commission)↗2026-06-08SEC filingBITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) — 8-K↗2026-06-01SEC filingBITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) — 8-K↗2026-05-26SEC filingBITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) — 8-K↗2026-05-11SEC filingBITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) — 8-K↗2026-05-11SEC filingSharplink, Inc. (SBET) — 8-K↗2026-05-04SEC filingBITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) — 8-K↗2026-04-20SEC filingBITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) — 8-K↗2026-04-20Federal RegisterNotice: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Franklin Ethereum ETF (Securities and Exchange Commission)↗
public domain · SEC EDGAR · Federal Register · primary links
9Futures · derivatives
Derivatives data (open interest, funding) is N/A. Perpetual/futures feeds require a commercial market-data subscription we don't use, so we show N/A rather than an unverified number. Methodology →
10Protocol fundamentals
TVL
—
Sector
L1
12Governance · development
on-chain governance — not on Snapshot
16Our metrics over time
Day 1 · accrual begins
Our daily decomposition time-series — it accrues from here. A short chart is the starting point, not a flaw.
On-chain owned coverage
Not yet computed from our own RPC. For cash-flow assets without our own fee data yet, the premium decomposition is shown as building — never a fake number.