2025: The Growing Ethereum Network, the Growing ETH Concerns

This year has been an exciting time for Ethereum enthusiasts. While the network enjoys breakthroughs in institutional adoption and technical advancements, token holders are experiencing slower price movements compared to ecosystem optimization. This phenomenon tells a deeper story about how one of the most valuable blockchain infrastructures is becoming part of traditional capital markets.

The Ethereum Network: Continuing to Grow in the Mainstream

Since the ETH ETF launched last year, capital inflows have been steadily increasing. By the end of June, the total inflow reached only $4 billion. But in the second half of the year, the change was significant—the inflow surpassed $10 billion, nearly a fivefold increase.

This growth is not just about money. The ETF boom has opened the door for ordinary investors with little blockchain knowledge. From developers and traders, the Ethereum audience has expanded to a third group—regular investment allocators seeking exposure to the second-largest crypto asset in the world.

The “New Normal” of Corporate Treasury

When the enterprise treasury trend on Ethereum began, many companies wondered if it was real. But ETH treasuries have another advantage that Bitcoin treasuries do not: the staking feature. Not only does the company hold the asset, but it also earns regular rewards from network participation. This has created a sustainable income model without even speculative positioning.

Currently, the top five ETH treasury holders maintain over 5.56 million ETH, accounting for 4.6% of the total supply and valued at over $16 billion. This integration into corporate balance sheets means Ethereum is no longer just a technology asset—it has become a regulated financial item that must be disclosed in quarterly reports and board discussions.

Two Major Network Upgrades That Changed the Game

The Pectra and Fusaka upgrades prioritized scalability and transaction efficiency. The Pectra upgrade improved data sharding and reduced layer 2 transaction costs. Fusaka further optimized network throughput and user experience.

Technical articles detail that Ethereum’s focus in 2025 is on becoming a reliable financial infrastructure for the settlement layer. For stablecoin issuers and institutional users requiring predictable costs and fast confirmation times, these upgrades are critical.

Stablecoins and Real-World Assets: The True Foundation

Behind price movements lies a deeper layer of ecosystem activity. Ethereum remains a platform for on-chain dollar circulation and continues to lead in real-world asset tokenization. More than half of all tokenized real-world assets worldwide are issued on the Ethereum network.

The combination of ETF accessibility, enterprise treasury compliance, stablecoin dominance, and RWA leadership creates an ecosystem where investors no longer just want Ethereum for price speculation—they want to hold it for long-term portfolio allocation.

The Price: The Part That Remains Difficult

To date, ETH reached an all-time high of $4.95K in August this year, but that did not last. At the current price of $3.16K, early-year buyers have already experienced at least a 15% unrealized loss. The gap between network success and token performance is the exhausting reality of 2025.

Price weakness does not reflect network weakness. It more accurately reflects market cycles, macro conditions, and the fact that institutional adoption has not directly pumped the token price in the same way retail hype has.

Looking Toward 2026

2025 is not a clear victory for Ethereum, but it is a decision point. The network has proven it can support enterprise-grade applications, stablecoins have become critical infrastructure, and institutional frameworks are now available.

If the Ethereum ecosystem leverages these advantages—reliability, scale, compliance pathways—2026 could be a turning point where network momentum becomes a long-term price driver for the ETH token.