Ethereum underperformed this cycle, and investors are asking the big question: did ETH just skip a cycle, or is something deeper going on? Michael Nadeau joins Ryan to break down where Ethereum sits in the market cycle today, why several of his key indicators suggest ETH is entering a fair value zone, and whether the true macro bottom could still lie ahead.

They also unpack why ETH struggled despite improving fundamentals. Mike explains how Ethereum’s L2 roadmap may have improved the network while weakening short-term value capture for the asset itself, and what signals he’s watching (MVRV, supply in profit, the 200-week moving average) as he looks for the next expansion phase.

Michael Nadeau & The DeFi Report:

https://x.com/JustDeauIt

https://thedefireport.io/

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TIMESTAMPS

0:00 Intro

3:50 The History of ETH Cycles

5:41 Analyzing Performance Trends

8:32 The Impact of L2 Roadmap

10:24 Roadmap Decisions & Market Perception

15:50 Valuation Metrics Explained

20:08 Disparities in Valuation Methods

23:22 Navigating Market Conditions

26:14 Nation-State Metaphor & Valuation

27:45 Revenue and Economic Impact

33:42 DEX Volumes & Their Implications

37:25 Stablecoin Supply on Ethereum

38:09 Cycle Metrics & Analysis

44:22 Fair Market Value Insights

50:40 Evaluating ETH for the Portfolio

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