#RWA代币化与资产 Ethereum's 2025 scorecard is interesting — on the technical side, upgrades are progressing steadily. The Pectra and Fusaka upgrades effectively reduced L2 costs and transaction confirmation times, stablecoin scale continues to expand, and RWA tokenization exceeded 50% of the mix. But the token price side is clearly disappointing, with those who bought at the start of the year still down 15%+.

The core contradiction is here: ETH ETF inflows skyrocketed from $400 million to $1 billion, publicly traded companies' Ethereum treasury reserves broke through 5.56 million coins (worth $16 billion), and institutional allocation is in full force. What does this mean? Traditional capital is starting to view Ethereum as reliable financial infrastructure, not just a trading asset.

Staking yields deserve attention — compared to Bitcoin treasuries that can only profit from selling at high prices, ETH treasuries can continuously generate staking income, providing companies with a stable cash flow source on their balance sheets. From on-chain data, this structure is attracting continuous institutional inflows.

The problem is that this wave of institutional capital hasn't fully converted into coin price appreciation. ETH hit a historical high of $4,953 in August but couldn't hold it, currently trading near the May lows. There's a key signal here — there's still a gap between institutional allocation and retail enthusiasm.

Looking at 2026: if Ethereum can integrate these upgrade dividends, RWA ecosystem expansion, and institutional positioning momentum into sustained long-term momentum, a value reassessment won't be far away. But the premise is whether on-chain capital inflows continue to hold steady and whether whale holdings grow stably.