ETH is entering a "value revaluation period"|The real main rise may have just begun

Vitalik 2025-10-17 14:19 19012人围观 ETH

If Bitcoin is regarded as "digital gold in the crypto world", then Ethereum is more like "Apple in the crypto world". Many people focus on currency price fluctuations, but ignore a more critical point: ETH is not just a currency, it is a complete set of f

If Bitcoin is regarded as the "digital gold of the crypto world", then Ethereum is more like the "Apple of the crypto world".

Many people focus on currency price fluctuations, but ignore a more critical point: ETH is not just a currency, it is a complete set of financial and technical infrastructure that is constantly being upgraded.

Only by seeing the long-term structure clearly amidst the short-term noise in the market can we seize the real big opportunities.

1. ETH’s current position: significantly undervalued

Look at it from several key perspectives:

Market capitalization ratio: ETH currently accounts for only about 18% of the crypto market. At its high point in 2021, it once approached half of BTC, and there is still huge room for recovery.
On-chain activity: Despite the market fluctuations, the total transaction volume of ETH mainnet + L2 has still ranked first in the industry for a long time, indicating that the real demand for use has not subsided.
Institutional layout: The next filing direction after BlackRock, Fidelity, etc. after “BTC ETF” is “ETH ETF”. This means that real incremental funds are queuing up to enter the market.

2. Why has the value logic of ETH changed fundamentally?

In the past, ETH was regarded as a "technical platform currency", but since the merger of EIP-1559 and POS, it has possessed properties similar to "equity assets":

mechanism	What it means for ETH
destruction mechanism	Deflationary structure, circulation continues to decrease
Pledge income	Holding currency can generate stable annualized income (3%-5%)
L2 expansion	Practical applications cover DeFi, GameFi, AI, and RWA, and demand continues to rise.

In other words, ETH already has the dual identity of "dividend stock + deflationary currency".

3. Trend judgment: ETH’s main rise will be later than that of BTC, but it is usually stronger

Looking back at history: In every bull market, BTC took the lead in rising, but ETH's increase far exceeded that of BTC.

cycle	BTC gains	ETH increase
2017 Bull Market	20 times	More than 100 times
2021 Bull Market	6 times	30 times

Therefore, if you think BTC can still have a second wave, then the main rise of ETH has not really begun yet.

4. Strategic suggestions: How to hold the long-term value of ETH?

Focus on spot holdings and add positions in batches to avoid chasing the market price.
Pledge income can be properly allocated to allow positions to "earn interest"”
After the trend on the right breaks through, consider using light leverage to amplify profits.
Don’t use short-term thinking when trading long-term assets

Conclusion

ETH does not need to be "predicted", it just needs to be "understood".

The current position may not be the lowest point, but it is certainly not the end.

Real value investing is not about staring at fluctuations and hesitating, but daring to hold when the structure is set.

If you are still hesitating, ask yourself: "If the next Apple/Microsoft was on sale in front of you, would you buy it? ”