Ethlabs researchers say ETH lacks a clear value narrative

According to Odaily, former Ethereum Foundation researcher and Ethlabs member Ansgar Dietrichs stated on Laura Shin's Unchained podcast that ETH still lacks a clear value narrative after failing to break $5,000 over the past five years. Ethlabs was founded on June 22 by five former Ethereum Foundation researchers and is supported by Bitmine, Sharplink, and Consensys founder Joe Lubin.

On-chain analytics firm Cryptoquant reported that currently over 32% of the ETH supply—around 39.5 million ETH—is staked, while exchange balances continue to decline. The company also noted that Ethereum daily active addresses and smart contract activity have reached record highs, but the ETH price is down more than 50% from this cycle’s peak.