Jurrien Timmer, director of global macro at asset manager Fidelity Investments said "In other words, Bitcoin is cheap" and if Bitcoin is cheap then Ethereum is cheaper.
Jurrien Timmer shared his views in a Twitter post on July 7. He used the price per millions of non-zero addresses as an estimate for Bitcoin’s valuation, and the chart below shows that valuation is all the way back to 2013 levels, even though price is only back to 2020 levels. In other words, Bitcoin is cheap.
He also said, it is the middle of summer, but for crypto, it is winter. Bitcoin and crypto in general have not been spared from the widespread drawdowns this year, and that’s an understatement. So, let’s see where things stand. However, based on a simple power regression line, Bitcoin’s network appears to be intact.
And if bitcoin is cheap, then perhaps ethereum is cheaper. If ETH is where BTC was four years ago, then the analog below suggests that Ethereum could be close to a bottom.