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They are measuring things that correlate with the median valuation, but that valuation is subjective.

Still not according to everyone and not all use the method which uses the median valuation. But my english don't help me explain that as i wish

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No, I get you. It's the normal economic theory that valuation is objective.

Ah that's exactly what I wanted to say in a few words, which is that there are several normal economic theories

It's sort of fringe to think valuation is subjective, but the Bitcoin price depends upon it.