KEYTAKEAWAYS
- Bitcoin trades near its fair value around $98K, with almost no speculative premium—signaling a normalized market and potential cyclical bottom.
- Robinhood may add crypto to its balance sheet, a move that could boost credibility but raises volatility and regulatory concerns.
- The Ethereum Foundation launches Founders Lab mentorship with top leaders like Jesse Pollak and Sandeep Nailwal to nurture new Web3 founders.
CONTENT
BITCOIN NEAR “FAIR VALUE” WITH ALMOST NO SPECULATIVE PREMIUM
On November 6, analyst Murphy stated that Bitcoin’s recent decline has brought its price very close to its fair value — around $98,000. The fair value is calculated using the historical average of the MVRV ratio, which measures how much the market valuation deviates from the aggregate cost basis of all active Bitcoin holders. When the current MVRV aligns with its historical mean, the market is considered to be at a state of “fair valuation.”
Murphy noted that Bitcoin’s current price shows almost no speculative premium relative to the average on-chain cost basis of active addresses. As a historical valuation metric, MVRV helps identify whether Bitcoin is overvalued or undervalued. When BTC trades near its fair value, it suggests that market sentiment has normalized and that the asset may be approaching a cyclical bottom, with limited bubble-like excess remaining.
ROBINHOOD EXECUTIVE SAYS COMPANY STILL WEIGHING ADDING CRYPTO TO BALANCE SHEET
Shiv Verma, Robinhood’s Vice President of Finance and Strategy, said during the company’s Q3 earnings call that while adding cryptocurrencies to the firm’s balance sheet could align it more closely with the crypto community, the company is still evaluating how such a move would impact shareholders.
Holding crypto on the balance sheet is essentially an optimization strategy that could improve return on assets and build stronger credibility among crypto users. However, Verma’s comments highlight several potential risks: crypto market volatility could increase financial uncertainty, fair value accounting may affect quarterly results, and ongoing regulatory ambiguity — particularly the SEC’s scrutiny of tokens — could heighten policy-related risks.
ETHEREUM FOUNDATION LAUNCHES FOUNDERS LAB MENTORSHIP PROGRAM
On November 6, the Ethereum Foundation announced the launch of the *Founders Lab* mentorship program, aimed at providing one-on-one guidance to help founders grow within the ecosystem. The first cohort of mentors includes notable figures such as Jesse Pollak (founder of Base) and Sandeep Nailwal. The program will take place during Devcon on November 18–19.
The initiative aligns with the Ethereum Foundation’s long-term strategy and reflects its evolving role in ecosystem development. In recent years, the foundation has shifted from primarily technical R&D toward broader ecosystem support and governance facilitation. The Founders Lab represents a continuation of that transition — fostering leadership, innovation, and sustainability across the Ethereum ecosystem.
