10x Research published an article on the X platform stating that ETH's performance over the past five years has been lackluster, with its price hovering around the $2,000 level reached in the previous cycle. Since November, 10x Research has maintained a cautious stance due to sluggish on-chain activity limiting ETH demand and value accumulation. After a 57% drop from its August 2025 high, ETH is currently relatively undervalued, compared to a roughly 42% drop in BTC over the same period. Despite facing significant market capitalization losses, such as the approximately $8 billion drawdown by ETH treasury companies like Bitmine, capital accumulation continues, with USDT issuance on the Ethereum network recently surpassing Tron. This has fueled the view that Ethereum could become a major beneficiary of stablecoin growth and a potential backbone of Wall Street-driven on-chain infrastructure finance. 10x Research is reassessing whether ETH is nearing a turning point or whether structural resistance still exists.