#RWA代币化与资产 After reviewing this 2025 ETH report card, I have to say this is the most heartbreaking example of "technological progress." Pectra and Fusaka's two upgrades have polished the network to be incredibly smooth, and the performance of stablecoins and RWA tokenization on Ethereum has been impressive. ETF inflows have exceeded 10 billion, and corporate treasuries hold over 5.6 million ETH—these are solid fundamentals that are genuinely positive.

But that's where the problem lies.

Technology is perfect, fundamentals are solid, institutional allocations are catching up, yet the token price has given holders a big slap. Since buying at the beginning of the year, there's still a 15% loss, and the August high of 4953 was never really held. Does this "Ethereum wins, ETH loses" situation offer any insights for follow strategies? Yes, it does.

When a public chain completes its transformation from a "geek community" to "financial infrastructure," short-term price performance often lags behind. True experts won't be fooled by price charts but will sniff out ongoing opportunities in underlying narratives like RWA tokenization and stablecoin ecosystems. The issue is time cost—you need to hold on or choose to build positions gradually before a fundamental turning point, rather than chasing the peak.

Among the traders I observe now, some are already adjusting their follow weights related to the Ethereum ecosystem, freeing themselves from short-term volatility, and shifting focus to long-term layouts in the RWA track. This is the rhythm that professional players should have—technology and economic models have improved, but the market hasn't reacted yet, so just wait.