From AI to deflation, the whale Garrett Jin has found a dual identity for ETH as high dividend and high growth.

According to the latest news, the agent Garrett Jin of the “BTC OG Insider Whale” has proposed a new valuation framework for Ethereum (ETH): no longer viewing it solely as a growth asset, but as an asset with both high dividend characteristics and high technological growth potential. This viewpoint is supported by a complete logical chain, from the micro ecosystem of AI+DeFi to the macro background of global deflation.

Why choose Ethereum in the fusion of AI and DeFi?

Garrett Jin believes that as AI applications mature, AI-assisted trading will develop rapidly. Ethereum's smart contracts and Layer 2 solutions provide a programmable, transparent, and secure environment for AI robots.

This is not just simple technological stacking, but the result of ecosystem integration:

• Ethereum's DeFi protocols provide trading infrastructure for AI agents
• Decentralized AI agents execute trades, interact with clients, and automate marketing on-chain
• The expansion of this ecosystem will inevitably increase demand for stablecoins
• Increased activity in stablecoins directly boosts ETH valuation, similar to the relationship between oil and GDP growth

In other words, ETH is not only a technological platform but also becomes the “energy currency” of this new ecosystem.

The undervalued fixed income characteristics

This is the most interesting part of Garrett Jin's analysis. He points out that from a macro perspective, AI may drive a long-term deflationary cycle, leading to global interest rates far below 2-3%. In such an environment, what will the current 3% staking yield of ETH become?

An attractive fixed income.

The key to this logic is:

This characteristic is not yet fully reflected in ETH's price. What does this mean? It means that once this expectation is gradually realized, new capital inflows may occur.

Different rhythms of dual attribute release

Garrett Jin concludes with a new valuation framework for ETH, centered on the idea that these two attributes will be released under different market conditions:

• High dividend characteristic release should accompany a decrease in downward volatility, meaning that when the market is more stable and risk appetite declines, institutions will pay more attention to yields
• High technological growth characteristic release should accompany an increase in upward volatility, meaning that when the market is hot and risk appetite rises, the story of AI+DeFi will be more attractive

This is not an either/or situation but a flexible switch based on market cycles.

How to view the technical aspect?

Combining the previous technical analysis released by Garrett Jin, ETH has re-entered the fifth wave of the upward channel since April 2025, with a theoretical target of $5,413 and an aggressive target of $7,155.

Currently, ETH is priced at $3,313.53, leaving about 63% upside to the first target. In the short term, market risk appetite is rising, and capital continues to flow into high-beta cryptocurrencies, providing recent catalysts for ETH's rise.

Summary

Garrett Jin's valuation framework redefines ETH from a single “growth asset” to a dual asset of “growth + yield.” This logical chain spans from micro ecosystem integration (AI+DeFi), to macro stablecoin demand, and further to macro deflationary environments, forming a relatively complete closed loop.

The rising market risk appetite acts as a short-term catalyst, while long-term deflation expectations and the attractiveness of staking yields may serve as deeper driving forces. Whether this valuation framework can be truly realized depends on the development speed of the AI+DeFi ecosystem and the actual evolution of the global macro environment. But at least logically, this new framework offers a different perspective for understanding ETH's value.