Gate News message: On April 5, 10x Research said that over the past five years, ETH’s performance has been lackluster, with its trading price staying near the $2,000 level reached in the previous cycle. Since November, subdued on-chain activity has limited ETH demand and value accumulation, and 10x Research has remained cautious about this. After falling 57% from its August 2025 high, ETH is currently valued relatively low, while BTC is down by about 42% over the same period. Despite facing major mark-to-market losses—for example, ETH treasury companies such as Bitmine have reportedly pulled back by about $8 billion—capital accumulation is still continuing. Recently, the amount of USDT issued on the Ethereum network has surpassed Tron. This has sparked the view that Ethereum could become a primary beneficiary of stablecoin growth, and may evolve into a backbone of Wall Street-driven on-chain infrastructure finance. 10x Research is now reassessing whether ETH is nearing a turning point or whether structural resistance remains in place.
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