Ether's recent price weakness does not reflect Ethereum's improving internal metrics, according to Standard Chartered Bank, which compares ETH's current setup to Amazon during the 2001 dot-com bubble burst.
"I view ETH's performance very much as Jeff Bezos described AMZN share price during the 2001 tech bubble burst. This quote, from a 2018 speech, encapsulates the point: 'The stock is not the company. And the company is not the stock. And so, as I watched the stock fall from $113 to $6, I was also watching all of our internal business metrics... every single thing about the business was getting better. And so, while the stock price was going the wrong way, everything inside the company was going the right way,'" Standard Chartered Bank's Global Head of Digital Assets Research Geoffrey Kendrick said in an email while sharing a new report on Ethereum Thursday.
"I also note AMZN share price (once adjusted for stock splits) has multiplied 1000x since the 2001 lows. ETH will catch up to the internal metrics, it is just a matter of time," Kendrick added.
'Improving internal metrics'
Ethereum's internal metrics, such as transaction numbers and total value locked or TVL measured in ETH terms, both remain near all-time highs, Kendrick said. However, the ether price has fallen around 57% from its August 2025 high to roughly $2,000, while the ETH-bitcoin ratio has declined around 37% over the same period, he added.
