ETHval

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ETH Monetary (MV=PQ) ETH fair value model

Fair value$2,477

ETH close$2,498

Gap to price-0.9%

Last complete day 2026-10-13 (UTC) · Built 2026-10-14 21:45 UTC from the stored daily data. Values are for 2026-10-13; the live value is on the dashboard.

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Formula

(L1 ETH Vol + L2 ETH Vol) × 365 ÷ ETH Velocity ÷ Supply

How it works

Measures ETH as money using the Equation of Exchange (MV=PQ). Only counts native ETH transfers on L1 and L2 — excludes stablecoins, DeFi tokens, and other assets. This isolates ETH's direct monetary function from Ethereum's broader settlement activity. Velocity = 6 reflects ETH's store-of-value characteristics: 28% locked in staking, institutional accumulation post-ETF, and long-term holder behavior. This is empirically aligned with USD M1 velocity (~5.5x) and academic research showing crypto velocities of 4-6x annually. Lower velocity implies higher fair value.

Limits: Velocity 6x is USD M1 benchmark; ETH transfer data empirically derived

Constants

One-year history

References

• Chris Burniske: Cryptoasset Valuations (MV=PQ Framework)
• Pernice et al.: Cryptocurrencies and the Velocity of Money (2020)

Other models

• TVL Multiple$2,882 · 2026-10-13
• Staking Scarcity$2,952 · 2026-10-13
• Metcalfe's Law$5,840 · 2026-10-13
• Staking DCF$7,494 · 2026-10-13
• L2 Ecosystem$3,249 · 2026-10-13
• P/S Ratio (25x)$6.65 · 2026-10-13
• Fee Yield$12.04 · 2026-10-13
• Liquidity Premium$3,551 · 2026-10-13
• App Capital$4,241 · 2026-10-13
• Validator Economics$6,782 · 2026-10-13
• Ecosystem Settlement (MV=PQ)$16,383 · 2026-10-13