Valuation & Market Sentiment - ETH's Price-to-Sales (P/S) ratio has consistently been at or above 100x for years [1] - Unlike Cisco and other dot-com companies, ETH has sustained high valuations over an extended period [1] - The increasing number of ETH holders suggests they may be using alternative valuation models [1]

ETH has traded with a P/S ratio of 100x or more for *years*Afaik Cisco & other "dotcoms" did not sustain elevated valuations for yearsYet, the number of ETH holders continues to go upA sign that these holders value ETH using an alternative model? https://t.co/UH0NYfbnh4sam.frax (@samkazemian):On what time horizon does "ETH/L1 token is priced at 380x P/E" statement flip from proof of being overvalued to proof of P/E being the wrong framework for L1s?Most people agree BTC has ∞ P/E since it captures no revenu ...