Let’s chat briefly about the potential revival of Ethereum. Grayscale’s research conclusion is based on a rather conventional theory: tokenized assets are on a clear upward trend, and ETH stands to benefit the most. This logic makes sense, but to turn the tide, this narrative alone is definitely not enough. For traditional institutions, they may issue assets on Ethereum first, but they won’t abandon other chains, and some may even create their own chains. This is already a confirmed trend—arc, tempo, and more to come in the future. Another path for Ethereum is the revival of native assets, the resurgence of ETH’s monetary properties, and continuing to be technically objective and neutral, providing the most reliable and worry-free entrepreneurial soil for any developer. Many people think Vitalik and the Ethereum Foundation (EF) should be more proactive in catering to institutions and regulators. I think that’s a dead end. The logic remains the same: Ethereum offers the best economic security and already has a massive user base. So, institutions are primarily targeting customers. Of course, security is also a consideration, but it’s hard to quantify. Most likely, it’s a case of “if you’re indeed more secure, I’ll issue more assets here.” Many people compare Ethereum to international waters, and I think there’s some truth to that. If international waters were claimed by a single country, what would happen? Another major issue is that the cost of malicious behavior in crypto is extremely low. This has always been a problem, and it’s far more severe than other issues. Bad money drives out good money, leading to destruction and then another cycle of rebuilding. This has been the case for several past cycles. While you could argue that this industry is more resilient, I still think this is one of the hardest problems to solve. As for Ethereum’s institutional narrative, I think it’s pretty much established. Even if there’s a significant surge in institutional demand in the future, it’s something the market has already anticipated. Ethereum’s real explosive potential still lies in the revival of its native path.