CoinShares Bull Case Sees Ethereum Hitting $14,135 By 2031
CoinShares projects Ethereum’s 2031 value using a sum-of-parts model that emphasizes ETH as money, collateral, and settlement infrastructure rather than a base-layer fee asset. It gives three scenarios: bear at about $1,443, base at $4,935, and bull at $14,135. The report argues Dencun weakened the old fee-driven valuation by shifting activity to layer-2s, cutting fee revenue even as usage rose. As a result, the monetary and collateral role of ETH matters more than blockspace sales. In the model, direct fee revenue adds only a modest amount to price, while monetary demand from staking, DeFi collateral, layer-2 reserves, ETF inflows, corporate treasury buying, and store-of-value demand drives most of the upside. The bull case assumes strong growth across DEX volume, stablecoins, tokenized assets, ETF inflows, and corporate accumulation. Key risks include persistently weak fees, competition from other layer-1s, regulatory pressure, and delayed scaling upgrades.
