#RWA代币化与资产 Recently, I noticed an interesting phenomenon: Ethereum's technical report card is nearly perfect, but the holders' accounts are "losing." Someone asked me what I think about this, and I want to share some thoughts.

Looking closely at this year's data, Ethereum is indeed doing what it should—Pectra and Fusaka have upgraded the network performance twice, stablecoins and RWA tokenization are thriving on-chain, and institutions are continuously entering through ETFs and government bonds. From an infrastructure perspective, these are tangible progress, meaning the network is becoming more stable and reliable.

But there's a frustrating part: **the improvement of fundamentals and the rise in token prices are not always synchronized**. Those who bought earlier this year are still at a loss, and seeing other assets hitting new highs can be quite disheartening.

What I want to say is that if you look at the bigger picture, there's actually an important shift happening—from a "developer and trader's game" to an "institutional asset allocation" evolution. Although this process may not show spectacular token price gains in the short term, it is paving the way for long-term value revaluation.

Those who stick to the fundamentals often need some patience. Don't put all your eggs in the short-term price fluctuations; instead, under proper position management, observe the real application progress of the network and the genuine participation of institutions. The current "silence" may just be the calm before the storm.