10x Research: Is Ethereum Approaching a Inflection Point Worth Reassessing

BlockBeats News, April 5th. 10x Research released an analysis stating that over the past five years, Ethereum has effectively become "dead money," with its price long hovering around the $2000 level first reached in the previous cycle. Since November last year, 10x has maintained a cautious, sometimes bearish view, as on-chain activity remains subdued, limiting both demand and meaningful value accrual for ETH holders.

However, after a 57% drop from its peak in August 2025, Ethereum now appears relatively cheap, especially compared to Bitcoin — which only fell by around 42% over the same period. Despite significant on-paper losses (such as the roughly $8 billion paper loss for Ethereum treasury company BitMine), accumulation is still ongoing, and the USDT supply on Ethereum has recently surpassed that of Tron. This has reignited the narrative that Ethereum could be a key beneficiary of stablecoin growth and potentially serve as the financial backbone for a more on-chain and Wall Street-driven infrastructure. In this context, it is worth reassessing: Is Ethereum approaching a turning point, or does the firmly entrenched structural headwind defining its underperformance persist?