TechFlow reports that on April 5, 10x Research posted on X stating that ETH has performed flatly over the past five years, trading near the $2,000 level reached during the previous cycle. Since November, subdued on-chain activity has constrained ETH’s demand and value accrual, prompting 10x Research to maintain a cautious stance. After falling 57% from its August 2025 high, ETH is currently trading at a relatively low valuation—BTC, by comparison, has declined roughly 42% over the same period. Despite significant market-cap-based losses—including an estimated $8 billion drawdown for ETH treasury firms such as Bitmine—capital accumulation continues: recently, USDT issuance on the Ethereum network surpassed that on Tron. This has sparked speculation that Ethereum may emerge as the primary beneficiary of stablecoin growth and potentially serve as the Wall Street-driven financial backbone of on-chain infrastructure. 10x Research is reassessing whether ETH is approaching an inflection point—or whether structural resistance remains intact.
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