10x Research: Ethereum's Revival and Structural Weaknesses Worsen, a Turning Point May Be Near

金色财经_ · 2026-04-05T09:50:48+00:00

Golden Finance reports that 10x Research published an analysis on the X platform, pointing out that Ethereum has been in a "non-yielding asset" state for the past five years, with prices hovering around $2,000 for a long time. Since November 2025, it has maintained a cautious or even bearish outlook, mainly due to persistent on-chain activity stagnation, which limits demand and value capture. After approximately a 57% retracement from its peak in August 2025, ETH's current valuation appears relatively cheap, making it more attractive compared to Bitcoin, which has only fallen about 42% during the same period. Additionally, although Ethereum treasury companies like Bitmine still have accounting losses, the market continues to accumulate, and recently, the issuance of Tether (USDT) on Ethereum has surpassed Tron, reigniting expectations that Ethereum could benefit from stablecoin growth and potentially become a key layer for on-chain finance and Wall Street infrastructure. In this context, Ethereum

金色财经_

2026-04-05 09:50:48

Golden Finance reports that 10x Research posted an analysis on the X platform, saying that over the past five years, Ethereum has basically been in a “no-return asset” state. Its price has remained stuck for a long time at around the $2,000 level. Since November 2025, it has maintained a cautious, even bearish stance, mainly because on-chain activity has continued to stay sluggish, which has limited demand and its value-capture ability. As ETH has pulled back about 57% from its August 2025 high, its current valuation already looks relatively cheap; compared with Bitcoin, which has only fallen about 42% over the same period, it is more attractive.
In addition, although Ethereum treasury companies—including Bitmine—still have paper losses on their books, the market is continuing to accumulate, and Tether (USDT)’s recent issuance volume on Ethereum has already surpassed Tron. This has reignited expectations that Ethereum may benefit from stablecoin growth, and it could become an important settlement layer for on-chain finance and Wall Street infrastructure. Against this backdrop, Ethereum is at a critical juncture. Whether it is about to see a rebound, or whether structural headwinds will continue, is worth watching.

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