BlockBeats message, April 5, 10x Research released an analysis saying that over the past five years, Ethereum has effectively become “dead money,” with its price hovering for a long time around the $2,000 level first reached in its initial cycle. Since last November, 10x has maintained a cautious, sometimes bearish view, due to sustained sluggish on-chain activity—this both limits demand and limits ETH holders from building meaningful value accumulation.
However, after a 57% drop from the August 2025 peak, Ethereum now looks relatively cheap, especially compared with Bitcoin—which fell by only about 42% over the same period. Despite sizable paper losses (such as the roughly $8 billion unrealized loss for the Ethereum treasury company BitMine), accumulation is still continuing, and the recently reported USDT issuance on Ethereum has surpassed Tron. This has reignited the narrative that Ethereum could become a key beneficiary of stablecoin growth and potentially evolve into the financial backbone of a more on-chain, Wall Street-driven infrastructure. Against this backdrop, it’s worth reassessing: is Ethereum nearing an inflection point, or do the structural headwinds that have defined its underperformance remain firmly in place?
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