In recent weeks, an idea that is sounding increasingly stronger has begun to repeat: Ethereum could be the asset that truly leads the 2025 bull run, not just accompanying Bitcoin, but setting the pace for adoption and use. And I believe there are solid reasons to think so.
If you're interested in the long term, this analysis of 6 keys is for you. I'll explain why there is so much buzz now with Ethereum, what role the GENIUS Act plays, what's happening with stablecoins, and why the Dencun upgrade is key to all of this.
1. Ethereum is at the center of everything: stablecoins, DeFi, and tokenization
As of today, Ethereum is not only the most used network, but it is also the main infrastructure for the two engines generating the most institutional interest: stablecoins and tokenization of real-world assets.
50% of the total volume of stablecoins (USDC, USDT, etc.) is moving on Ethereum.
More than 60% of the value locked in DeFi is on Ethereum, according to DeFiLlama.
Ethereum captures more than 55% of the tokenization market, with dozens of pilot initiatives underway, including Stablecoins.
This is not theory. It is real use. And this matters a lot now that we enter a new regulatory phase.
2. What changes with the GENIUS Act and why is it a turning point?
The GENIUS Act is a law that seeks to provide a clear legal framework for digital assets, starting with stablecoins. It requires:
1:1 reserves to back each issued token.
Federal licenses to operate.
Full compliance with AML/KYC regulations.
What's interesting is that many of these stablecoins — like USDC — already meet a large part of these requirements, and they are on Ethereum. That is to say, the new regulation does not attack Ethereum... it enhances it.
With more legal clarity, institutional funds (banks, tech companies, insurers) have the green light to operate with digital assets. And 90% of those who do will end up touching Ethereum in one way or another, whether through stablecoins, DeFi, staking, or issuing tokenized tokens.
It is likely that we will not see an instant 'boom'. But we will see a cleaner, sustained adoption curve with less regulatory fear.
3. Dencun: the improvement that Ethereum was waiting for to truly scale
Here comes the most technical but also the most decisive part: the Dencun upgrade (EIP-4844).
I'll explain it with an analogy that has worked for many people: think of Ethereum as a very busy highway. The problem is that everyone wants to go down the same lane. Dencun enables parallel 'bus lanes' (L2s) where the light vehicles go. This allows traffic to flow better without congesting the main road.
With Dencun, Layer-2s like Optimism, Arbitrum, or Base have been able to drastically reduce the cost per transaction. In some cases, going from $4-5 to cents (8, 12, 15 cents). And that makes it feasible to use DeFi even for small transactions or for recurring payments.
This not only improves the user experience. It also makes many applications that were previously theoretical, such as micropayments, recurring payments, games, credit protocols, now have economic sense.
And most importantly: all these L2s remain anchored to the security of Ethereum. So the value and activity end up benefiting the main ecosystem equally.
4. What does the market say? Is Ethereum already anticipating this movement?
Since early July, Ethereum has risen more than 90%, clearly outperforming Bitcoin (+7% in the same period). This is not a coincidence.
Ethereum ETFs are gaining traction. BlackRock's ETF (ETHA) rose more than 50% in just four weeks, closing in July.
Companies like SharpLink Gaming (whose president is Ethereum co-founder Joseph Lubin) are adding ETH to their balances.
Institutional purchases are being activated, both in the spot market and via funds.
Moreover, the price has already tested $4,800 several times, and according to technical analysis, the next serious target is $5,000. If it breaks that resistance strongly, the momentum could accelerate significantly.
5. And Bitcoin? What role does it play in all this?
It's not about Ethereum replacing Bitcoin. Each has its own narrative.
Bitcoin: store of value, scarce asset, 'digital gold', institutional focus due to its regulatory clarity.
Ethereum: infrastructure layer, center of the DeFi ecosystem, stablecoins, NFTs, gaming, tokenization, etc.
But while Bitcoin is very focused on its narrative as a financial refuge (which is powerful), Ethereum has more possibilities to capture new use cases. And that is exactly what the 2025 bull run seems to be rewarding.
6. What's coming: more L2, more volume, more users
The combination of:
Legal clarity (GENIUS Act),
Technical improvement (Dencun),
And institutional flow
...is laying the groundwork for Ethereum not only to accompany this market rise but to start leading it.
If Bitcoin was the protagonist of the 2021 bull run due to Tesla's entry, Ethereum could be the main actor of the 2025 run due to its role as global financial infrastructure.
And it still has yet to fully take off.
Check out the Ethereum chart to make your decision
#Ethereum #ETH #Binance #GENIUSact