#RWA代币化与资产 The Ethereum report card for 2025 is interesting—technological upgrades are steadily progressing, with Pectra and Fusaka upgrades effectively reducing L2 costs and transaction confirmation times. The stablecoin market continues to expand, and the RWA tokenization share exceeds 50%. However, the token price performance has been disappointing—those bought at the beginning of the year are still down by over 15%.

The core contradiction lies here: ETH ETF inflows surged from $4 billion to $10 billion, and the Ethereum treasury of listed companies has surpassed 5.56 million coins (worth $16 billion). Institutional allocations are fully underway. What does this indicate? Traditional capital is beginning to see Ethereum as a reliable financial infrastructure rather than just a trading asset.

Staking yields are worth noting—unlike Bitcoin's treasury, which can only profit from high-level sales, ETH funds can continuously generate staking income, providing companies with a stable cash flow source on their financial statements. On-chain data shows this structure is attracting ongoing institutional entry.

The problem is that this institutional growth hasn't fully translated into a higher token price. ETH hit a new all-time high of $4,953 in August but failed to hold it, and is currently trading near May's lows. A key signal here is that there is still a discrepancy between institutional allocations and retail enthusiasm.

Looking ahead to 2026: if Ethereum can integrate these upgrade dividends, RWA ecosystem expansion, and institutional momentum into a long-term driving force, its value revaluation won't be far off. But the prerequisite is whether on-chain capital inflows will continue, and whether whale holdings will remain stable and grow.