According to Jinse Finance, 10x Research published an analysis on the X platform, indicating that over the past five years, Ethereum has mainly been in a "non-yielding asset" status, with its price fluctuating around $2,000 USD for a long time. Since November 2025, analysts have maintained a cautious, even predominantly bearish outlook due to ongoing weak activity on the blockchain, which limited demand and the ability to capture value. After ETH retreated approximately 57% from its August 2025 peak, its current valuation appears relatively cheap and more attractive compared to Bitcoin, which has decreased by about 42% over the same period. Additionally, although Ethereum treasury companies, including Bitmine, are still showing losses on their balance sheets, the market continues to accumulate, and the volume of Tether (USDT) issued on the Ethereum network recently surpassed Tron, reigniting expectations that Ethereum could benefit from the growth of stablecoins and potentially become a key level for on-chain finance and Wall Street infrastructure. Against this backdrop, Ethereum is at a critical crossroads: whether a recovery will happen soon or structural headwinds will persist — it will be interesting to watch.

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Ethereum valuation correction: the key moment for recovery or reversal has arrived. Over the past five years, Ethereum has been almost a "no-yield asset," with prices lingering around $2,000 for a long time. Since November 2025, the market has generally maintained a cautious or bearish outlook, mainly due to persistent low on-chain activity, which limits demand and value capture. However, as ETH has retraced about 57% from its peak in August 2025, the current valuation appears relatively cheap, making it more attractive than Bitcoin, which has only fallen 42% during the same period. Moreover, despite on-balance sheet losses for Ethereum treasury companies like Bitmine, the market continues to accumulate. The issuance of Tether (USDT) on Ethereum has surpassed Tron, reigniting expectations that Ethereum will benefit from the growth of stablecoins.