Ethereum is getting harder to value. After Dencun, fees collapsed, but network usage kept growing. Our latest research by Luke Nolan (@eazygambit) introduces a 5-year sum-of-parts framework for ETH, combining cash flows, monetary premium, and network effects. Base case: ~$4,935 by 2031. @ethereum More here: https://coinshares.com/insights/research-data/ethereum-5-year-valuation-framework/?utm_source=twitter&utm_medium=social&utm_campaign=Research-data_NA_02062026&utm_content=carousel_NA_eth-valuation-framework(CoinShares)