PANews reported on April 5th that 10x Research published an article on the X platform stating that Ethereum has essentially been a "non-yielding asset" for the past five years, with its price hovering around $2,000 for an extended period. Since November 2025, they have maintained a cautious or even bearish view, primarily due to persistently low on-chain activity, which limits demand and value capture capabilities.

However, with ETH having retraced approximately 57% from its August 2025 high, its current valuation appears relatively cheap, making it more attractive compared to Bitcoin, which has only fallen by about 42% during the same period. Despite Ethereum-based financial instruments, including Bitmine, incurring approximately $8 billion in paper losses, the market continues to accumulate. Furthermore, the recent issuance of Tether (USDT) on Ethereum has surpassed that of Tron, reigniting expectations that Ethereum will benefit from the growth of stablecoins and could potentially become a crucial layer for on-chain finance and Wall Street infrastructure.

10x Research believes that, against this backdrop, Ethereum is at a critical juncture and needs to be reassessed to determine whether it is about to recover or whether structural headwinds will continue.