10x Research: Is Ethereum Approaching a Turning Point Worth Reevaluating?

On April 5, 10x Research released an analysis stating that over the past five years, Ethereum has effectively become ‘dead money,’ with its price fluctuating around the $2,000 level first reached in the previous cycle. Since last November, 10x has maintained a cautious and sometimes bearish outlook due to persistently low on-chain activity, which has limited both demand and the ability of ETH holders to accumulate meaningful value. However, after a 57% drop from its peak in August 2025, Ethereum now appears relatively cheap, especially compared to Bitcoin, which has only declined about 42% during the same period. Despite significant paper losses, such as BitMine’s approximately $8 billion unrealized loss, accumulation is still ongoing, and the issuance of USDT on Ethereum has recently surpassed that on Tron. This has reignited the narrative that Ethereum could become a key beneficiary of stablecoin growth and potentially serve as a financial backbone for a more on-chain, Wall Street-driven infrastructure. In this context, it is worth reevaluating whether Ethereum is nearing a turning point or if the structural headwinds defining its poor performance remain firmly in place.