#RWA实物资产代币化 After carefully reviewing the 2025 Ethereum report card, the core contradiction is clear: a victory at the network layer contrasted with a setback at the asset level.

Data shows that ETH treasury holdings have reached 5.56 million coins, accounting for 4.6% of the total supply, with an asset scale exceeding $16 billion. ETF cumulative inflows have grown from $4 billion in the first half of the year to over $10 billion, gradually opening the institutional allocation pathway. These "wrappers" are transforming ETH from a game for traders and developers into a mainstream asset allocation option—this is a signal of victory for the underlying infrastructure.

Data on RWA tokenization is even more noteworthy. Ethereum still accounts for the vast majority of distributed tokenized asset value, and stablecoin circulation is steadily increasing. This indicates that on the main chain of on-chain USD liquidity, Ethereum’s network value continues to accumulate. The two upgrades of Pectra and Fusaka have indeed improved reliability—reducing L2 costs, increasing throughput, and enhancing determinism—all necessary conditions for institutional-grade applications.

However, the problem is that these advances are not reflected in the token price. Early-year buyers are already experiencing over 15% unrealized losses, and the perfect execution of the technical roadmap has formed a strange disconnect with ETH’s price performance.

The perspective should shift to: can institutional allocations translate into long-term holding momentum, or is this just a short-term allocation cycle? If staking yields can stably generate cash flow, the treasury model might become sticky. But currently, the increased market attention (Google Trends peak) can also dissipate easily, and the accumulation of fundamentals requires more time to verify.