10x Research: Is Ethereum Approaching a Turning Point Worth Reassessing

Mars Finance news. On April 5, 10x Research released an analysis stating that over the past five years, Ethereum has effectively become “dead money,” with its price hovering for a long time around the $2,000 level first reached at the outset of the previous cycle. Since last November, 10x has maintained a cautious, sometimes bearish stance, due to persistent weakness in on-chain activity—this has constrained both demand and the ability of ETH holders to accumulate meaningful value. However, after falling 57% from the August 2025 peak, Ethereum now appears relatively cheap, especially compared with Bitcoin—which dropped only about 42% over the same period. Despite significant unrealized losses (such as the roughly $8 billion paper loss for Ethereum treasury company BitMine), accumulation is still ongoing, and the amount of USDT issued on Ethereum has recently surpassed Tron. This has reignited the narrative that Ethereum could become a key beneficiary of stablecoin growth, and potentially evolve into the financial backbone of a more on-chain, Wall Street-driven infrastructure. Against this backdrop, it’s worth reevaluating: Is Ethereum approaching a turning point, or are the structural headwinds that have defined its underperformance still firmly in place?