The figure above (from the report) shows Ethereum's valuation | LibreCharts

The figure above (from the report) shows Ethereum's valuation as a percentage of the 5 different assets / indices selected for comparison (BTC Value, '10% of Gold's Value', 'Global Gold Value', 'Global M1 Money', and 'Global M2 Money').

This section of the report punctuates its postulations with the following observation:

"Ether's use as collateral within the decentralized finance ecosystem continues to broaden. However, an uptick in the use of stablecoins (digital currencies pegged primarily to USD) and Bitcoin as collateral on Ethereum, may be challenging Ether's position as the ecosystem's preferred collateral" [this is a curious observation by GBTC! typically this space likes to steer clear of any revelations that may remind investors of the menacing, uncertain regulatory future for USDT and its cousins in the cryptocurrency sphere]