Ethereum valuation correction: the key moment for recovery or reversal has arrived. Over the past five years, Ethereum has been almost a "no-yield asset," with prices lingering around $2,000 for a long time. Since November 2025, the market has generally maintained a cautious or bearish outlook, mainly due to persistent low on-chain activity, which limits demand and value capture. However, as ETH has retraced about 57% from its peak in August 2025, the current valuation appears relatively cheap, making it more attractive than Bitcoin, which has only fallen 42% during the same period. Moreover, despite on-balance sheet losses for Ethereum treasury companies like Bitmine, the market continues to accumulate. The issuance of Tether (USDT) on Ethereum has surpassed Tron, reigniting expectations that Ethereum will benefit from the growth of stablecoins.