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An analyst at the asset management giant Bernstein thinks Ethereum’s risk-to-reward ratio “looks attractive” given ETH’s relative underperformance recently.
Gautam Chhugani, the managing director of Bernstein’s global digital assets division, notes that Ethereum’s total supply has remained mostly stagnant since the network transitioned to proof-of-stake and adopted a burn mechanism.
“Yet, Ethereum’s underlying transaction fees drive a steady yield of ~3% (in ETH terms) to Ethereum stakers. This keeps ~28% of ETH supply locked in staking contracts. Further, another ~10% of ETH remains locked in Deposit/Lending contracts on the blockchain and bridged to layer-2 chains. ~60% of ETH has not changed hands in the last year, showing [a] resilient investor base. This creates favorable demand-supply dynamics for ETH.”
Secondly, Chhugani notes that Ethereum exchange-traded funds (ETFs) have been picking up momentum, which he says could further strengthen the asset’s demand-supply dynamics.

What’s gonna happen for this
345 $degen