The newly published, 38-page study entitled ETH’s Bull Case argues that Ethereum (ETH) can ultimately order a fully diluted market capitalization of around $85 trillion. The work was registered in June 2025 and signed by 21 contributors including core researcher Danny Ryan, Bankles co-founder Ryan Sean Adams, and investor Vivek Raman.
The authors are open to claim that the global financial system is “a cusp of intergenerational change” as assets around the world become digital and transitioned in chains. In this transition, we argue that Ethereum “emerged as (The)Foundation.” This is because it combines the deepest developer community with “unparalleled reliability and zero downtime.”
However, they add that assets “remains one of the most significantly false price opportunities in today’s global market.”
“ETH is an asymmetric investment opportunity between the next generation and has emerged as a core holding in the facility’s digital asset portfolio,” the report states. “It’s digital oil. It’s fuel, collateral and booking assets powered by the Internet’s new financial system.”
Ethereum framing for valuable traditional stores
To reach the headline valuation, this study compares Ethereum’s traditional assets with four established value reservoirs: proven crude oil reserves (~$85 trillion), gold (~$22 trillion), global bond market (~$141 trillion), wide global money supply, and M2 (~$93 trillion). Averaging these four benchmarks gives you a directive “long-term potential” of $85 trillion or about $706,000 per coin for a total ETH rating.
The authors emphasize that this number is not a timetable price target, but a terminal equilibrium if Ethereum succeeds in acting simultaneously as energy commodities, metals, sovereignty sub-collateral, and money for the fundamental layer of the digital economy.
What is important to their paper is Ethereum’s currency design. Total issuance appears at a supply of 1.51% per year, but about 80% of transaction fees are destroyed and net issuances are issued towards deflation when chain activity rises.
Since September 2022, and since being integrated with the demonstration, the effective supply growth rate in this study was close to 0.09%, lower than both Fiat Money and Bitcoin. The report frames the program as a “predictable rarity” in contrast to Bitcoin’s hard cap model, claiming that the authors ultimately do not accept miners and could weaken Bitcoin’s security budget.
Another pillar bets yield: validators earn fees to secure base issuance and chains, making them bets on “productive, harvested digital commodities.” The paper compares money to succumbing to loan revenue or oil reservation leases, but emphasizes that unlike these physical products, ETH yields are natively programmable and automatically compounded.
Around 32.6% of current ETH supply is already acting as collateral for Defi or Enterprise infrastructure, while an additional 3.5% has moved to other blockchains. As tokenized real-world assets grow, the author foresees an increase in demand for “global neutral and censor-resistant reserve assets” within the settlement protocol.
ETH’s short-term and medium-term milestones
The ultimate scenario assumes a six-digit ETH, but this study outlines the tentative milestones. “Short-term” prices are at the “mid-term” levels of $8,000 (USD 1 trillion market capitalization) and $80,000 (~$10 trillion). Four catalysts have been identified: first, rapid tokenization of actual assets and institutional chain infrastructure. Second, the institutional desire for native staking yields is especially when exchanging exchange traded funds come into the market.
The third argument is the “race to stockpile ETH”, evidenced by a strategic reservation pool of embryos that already count nearly USD 2 billion in publicly disclosed holdings. Additionally, the authors predict an increase in the use of ETH in financial management. There, its neutrality, programmaticity and yields allow for automated collateral, escrow, and payments.
“ETH stands alone as a neutral reserve asset that is uniquely located to secure and strengthen the global tokenized financial system,” the author writes, characterizing current market prices as “a temporary, false pricing, not structural weaknesses.”
However, the authors of the report also acknowledge that the complexity of Ethereum makes the valuation “more challenging” than Bitcoin’s simpler digital gold narrative. They also warn that ETH cannot be modeled like technology equity. The discounted cash flow method does not capture ETH product combustion or its role as collateral for the basic layer.
Nevertheless, they argue that fuel, value, collateral, yields generate profits that fuel, collateral, and yields can “even surpass Bitcoin.” In their words, ETH is a “a whole new category of assets” that requires comparability drawn from energy, currency metals, sovereign debt and global money supply, rather than a paid software platform.
At the time of pressing, ETH was traded for $2,564.
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