In recent months, Bitcoin has made headlines after surpassing the $100,000 mark, attracting the bulk of institutional capital. Meanwhile, Ethereum has remained stuck around $2,600, which was a puzzling stagnation especially since both now have approved spot ETFs.Approved spot ETFs. This disparity is not random, but rather reflects how Wall Street has dealt with the crypto market until recently.
The true power of Ethereum
Dominance in DeFi: Beyond the ETF story, Ethereum's fundamentals remain unparalleled. Of the $116 billion locked in the decentralized finance (DeFi) ecosystem, Ethereum controls 65% — more than all other networks combined. DeFi is the backbone of lending, trading, and asset management on the blockchain, and Ethereum's dominance here makes it a foundational financial infrastructure, not just a speculative asset. In comparison, Solana and Coinbase's Base network lag significantly, both in liquidity size and ecosystem depth.
Stablecoins: Stablecoins represent another often-overlooked engine. About half of the circulating stablecoins are issued on Ethereum, including major players like USDT and USDC. With the Trump administration pushing for broader adoption of stablecoins as part of financial innovation policies, Ethereum will benefit from every new dollar entering the system. The transaction volume of stablecoins on Ethereum already rivals that of Visa in some months — proving that the network effect has become established.
The information that most traders ignore is that in every major crypto cycle, the asset with the second-largest market value starts its upward wave after the first asset cools down — which means that Ethereum's real breakout has begun.
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