BroadChain has learned that in an April 5 report, 10x Research noted ETH's lackluster performance over the past five years, with its price hovering near the $2,000 level it first reached in the previous cycle. Since November 2025, the firm has maintained a cautious outlook, citing subdued on-chain activity as a constraint on ETH's demand and value accrual.
Having fallen 57% from its August 2025 peak, ETH is now trading at a relatively low valuation. Over the same period, BTC declined by roughly 42%. Despite significant market-cap losses—including an estimated $8 billion in drawdowns by ETH treasury firms like Bitmine—capital continues to accumulate. Notably, USDT issuance on the Ethereum network has recently surpassed that on Tron.
This shift has fueled speculation that Ethereum could emerge as the primary beneficiary of stablecoin growth and potentially form the financial backbone for Wall Street's on-chain infrastructure. 10x Research is now re-evaluating whether ETH is nearing an inflection point—or if structural headwinds will persist.