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1. **Core Position and Value Capture of the Ethereum Ecosystem:**
* **'Global Settlement Layer' and 'Digital Economy Platform':** Ethereum is not just a digital currency; it is widely regarded as the infrastructure platform for building decentralized applications, DeFi (decentralized finance), NFTs (non-fungible tokens), DAOs (decentralized autonomous organizations), and other next-generation internet (Web3) solutions. Institutions recognize that investing in Ethereum is essentially investing in the underlying protocol of this vast and rapidly growing digital economy ecosystem.
* **Network Effects and Moats:** Ethereum possesses the largest and most active developer community, the most DApps (decentralized applications), the highest total locked value, and the most mature user and institutional infrastructure (wallets, exchanges, custody services, etc.). This strong network effect creates a significant competitive advantage, making it difficult to replace.