Where is ETH in the cycle? | Michael Nadeau

Bankless Nation, today, we're gonna check-in on Ether the asset. Where is ETH in the cycle? My favorite cycle investor, Michael Nadeau from the DeFi reports on the podcast today. We do these episodes on the Bankless feed every month. And this one, I asked Mike to prepare a little information for the ETH holders among us. Mike and I have talked a lot about fair market value metrics for Bitcoin, the weekly moving averages, MVRV, all of the metrics. We've looked at many charts about Bitcoin. But ETH has its own cycle that is related to the broader crypto cycle yet also independent of Bitcoin. So what do Mike's numbers say about ETH price in the months to come? I wanna know if he thinks it's bottomed. If not, when is it going to bottom? ETH is one of three assets that Mike has held from the last cycle, so I know he owns some. Is he planning to buy more? If so, when? Now I should qualify. Unlike many guests on Bankless, Mike is not an ETH permable. He is bullish ETH, has been bullish ETH various times, but he's looking at this from a a fairly neutral perspective. That is, what do the on chain fundamentals actually say for this asset? Mike, it's great to have you. I know Bitcoin is your favorite asset. Historically, ETH has been a a second, maybe not a close second, but definitely a second. Is ETH still your second favorite asset in crypto, or does this cycle, does it have to prove itself once again in this cycle? Hey, Ryan. Yeah. Great great to be here, and that's a great, question, I think, to to lead in here. I would say that the way I think of this is I I think of Bitcoin as sort of a thing that we wanna anchor our portfolio in. We've had periods where we were more bullish on ETH, less bullish on ETH. We still own some ETH, currently in our portfolio. And, you know, one of the things that I like about the cyclicality of the crypto markets and just kind of, like, the the sort of four year nature of these markets is that we get a chance to kind of, like, underwrite our thesis for for Bitcoin, for ETH, for other assets, that we may want to invest in. And so I think this, episode today is kind of a opportunity to kind of go back and sort of analyze, like, just high level, like, what has happened with ETH over these last few years, you know, where are we going, and kind of get into some of the kind of, like, where we at in the cycle? Are we bottoming right now? So, So, yeah, excited to get into it. But I would say, ETH to answer the question, ETH has to prove itself, to me. And, like, we we can kinda get into what I what I'm looking for, …