Ethereum began with developers and cypherpunks in 2015 and expanded into ICOs, DAOs, and retail investors, creating the foundation for wider global adoption.
By 2020, Ethereum became collateral across DeFi, attracting funds, family offices, and venture capital, establishing itself as a financial asset in markets.
Today, Ethereum ETFs are live, pension funds and institutions are stepping in, positioning ETH as a monetary asset in global financial systems
Ethereum’s store of value journey has progressed through defined stages, moving from developer adoption to institutional recognition. With ETFs live, the asset is now approaching a phase where large institutions and pension funds are entering the market.
From Early Developers to Retail Expansion
Ethereum started in 2015 as a network largely populated by the original cypherpunks and developers; during its early years, the first experimentation in smart contracts and decentralized applications occurred, which commenced the journey towards mass adoption.
The next phase included ICOs and DAOs, which introduced Ethereum to retail investors who view Ethereum not just as a programmable blockchain but as something a bit more serious. This transition marked the first wave of demand beyond its initial technical community.
By 2020, Ethereum had evolved further, as ETH became collateral across decentralized finance. This use case attracted funds, family offices, and venture capital firms. The entry of these participants gave Ethereum a stronger position as an asset within global markets.
Entry of Macro Funds and Financial Institutions
In a recent post, Cas Abbé described Ethereum’s adoption curve, noting that by 2022 macro funds, corporates, and ETF issuers began paying attention. This marked a threshold moment where Ethereum moved closer to mainstream financial markets.
https://twitter.com/cas_abbe/status/1956950153937440885
The interest from financial advisors and corporates positioned Ethereum not only as a blockchain utility but also as an asset gaining wider recognition. Its function within DeFi had already established it as a backbone of digital finance.
The introduction of ETFs strengthened Ethereum’s case as a store of value. With regulated products available, institutional adoption began to form a more predictable path, setting the stage for larger capital inflows.
The Institutional Inflection Point
According to Abbé, Ethereum has now reached the stage where large institutions and pension funds are beginning to participate. This phase represents a critical point in the asset’s trajectory toward broader normalization in finance.
History suggests that once pensions and institutions adopt an asset, central banks may eventually follow. Abbé emphasized that every financial cycle has shown similar progression patterns once large-scale capital enters.
Ethereum, therefore, is moving beyond its early identity as a technology investment. With its trajectory pointing toward recognition as a monetary asset, the pace of adoption could accelerate quickly in its final stages.
