ETH’s critical crossroads? Whales are quietly starting their moves—will a new phone be coming? Over the past five years, Ethereum has basically been like a “Sleeping Beauty,” with the price lingering around $2,000 for a long time and on-chain transactions remaining quiet, making it difficult to unlock returns. Since November 2025, market sentiment has leaned cautiously, even slightly pessimistic. However, since ETH has already fallen about 57% from its August 2025 peak, its price is now clearly much cheaper—compared with Bitcoin, which only dropped 42% over the same period, ETH offers better value for money. Notably, although Ethereum treasury companies like Bitmine still show losses on their books, the market has actually been quietly accumulating positions the whole time. Meanwhile, Tether (USDT)’s issuance on Ethereum has recently surpassed that on Tron, which suggests that stablecoin expansion may help drive ETH’s recovery. Whales’ actions often show up earlier than price movements: Ethereum may be quietly accumulating to become an important settlement layer for on-chain finance and the infrastructure backbone behind America’s Wall Street. Now, ETH may be at a key node just before a recovery—whether the structural headwinds are over is worth keeping a close eye on.