$ETH NOT A PRICE STORY, A MATURITY STORY

This cycle wasnt what most expected for Ethereums price no denying it

$ETH has underperformed $BTC and several majors and the charts didnt deliver the fireworks traders wanted

But zoom out

This cycle was never about hype it was about infrastructure

What actually happened

Ethereum matured while price lagged

Institutions doubled down on realworld asset tokenization

Stablecoins RWAs ETFs L2s all still settle on Ethereum

BlackRock banks funds building on ETH rails

Ethereum remains the base layer for Tokenized treasuries

Stablecoins settlement

DeFi liquidity

Institutionalgrade smart contracts

Price underperformed yes

Relevance didnt not even close

This cycle looks less like a bull run and more like a transition phase

from retail speculation institutional infrastructure

Ethereum isnt dead

Its being quietly absorbed into the financial system

The market will price that eventually

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