Original Article Title: "Top Ten Key Reasons for Ethereum's Strong Bullish View"

Original Source: Ebunker Chinese

As the US regulatory approval signal lights up, Wall Street traditional institutions quietly accumulate, Vitalik has already accumulated multiple Ethereum L1 scaling ideas, and the Federal Reserve quietly hints at interest rate cuts—all grand narratives are converging on one main storyline: Ethereum.

Regulatory thaw, technological iteration, macro trends, and the "ultrasound" currency mechanism are driving four rounds, laying an accelerated runway for the next 3–18 months.

ETH ETF net inflow curve continues to refresh highs, the gas fee on the block explorer is about to exceed 5 million coins, Ethereum is back above the weekly MA200; the on-chain staking rate is approaching 30% and still climbing, from the North American Ethereum version of the micro-strategy SharpLink incorporating ETH into the balance sheet, to Robinhood announcing that European users can trade US stocks on Ethereum L2, to Hong Kong announcing acceptance of ETH as proof of immigrant assets, Ethereum's core value is becoming a global consensus.

Political games, capital momentum, protocol improvements, foundation reform iterations are all roaring synchronously—the market is left with one key question: Are you ready?

For the next 10 reasons, they will systematically dissect how ETH has risen from industry consensus to a cross-cycle breakout engine.

1. The Biggest Regulatory Boost and Policy Setting in History

The drastic shift in the US regulatory stance has brought new optimistic expectations for Ethereum. The new chairman of the US Securities and Exchange Commission (SEC), Paul Atkins, has expressed support for crypto innovation—an approach that sharply contrasts with the Gary Gensler era.

Atkins has withdrawn proposals from the Gensler era regarding decentralized finance and self-custody and instead adopted a "innovation-first" strategy. In a recent roundtable, Atkins even emphasized that developers should not be punished for writing decentralized code.

This is a significant policy U-turn: under Gensler's leadership, the SEC once viewed Ether as an "unregistered security" and investigated it. Now, under crypto-friendly leadership, Ethereum has a clearer regulatory outlook. With decentralized finance receiving top-level recognition—Atkins calling self-custody a "fundamental American value"—the threat of hostile regulation has significantly diminished, greatly encouraging institutional participation in the Ethereum market.

In addition, recent legislative developments in the United States, particularly the Senate's GENIUS Act, mark a crucial turning point in the regulatory clarity of crypto-backed stablecoins.

These bills aim to establish a clear framework for payment stablecoin issuers, considering Ethereum as a key settlement layer for regulated stablecoins like USDC and PYUSD, and one of the primary blockchains for the largest stablecoin USDT, its adoption will receive strong momentum:

Content Source: U.S. Congress

Comprehensive Stablecoin Framework

The Guiding and Establishing American Stablecoin National Innovation Act (GENIUS Act) smoothly passed the Senate with bipartisan support in June 2025. It imposes strict standards on stablecoin issuers, requiring 100% cash or treasury reserve backing, monthly audit disclosures, and bankruptcy protection for token holders. Importantly, it allows both banks and non-bank companies to issue stablecoins under a license and be regulated.

Ethereum as Stablecoin Infrastructure

By legalizing and regulating stablecoin issuance, these bills validate the major dollar-backed tokens existing on the Ethereum network. For example, Circle's USDC and PayPal's PYUSD are ERC-20 tokens on Ethereum, relying on Ethereum's security and global coverage. The federal framework solidifies Ethereum's role as a settlement backbone.

Lawmakers themselves acknowledge that well-regulated stablecoins can "bolster the dollar's status as the world's reserve currency" while maintaining U.S. competitiveness. This mission fundamentally leverages public networks like Ethereum (where dollar stablecoins circulate in DeFi and payments).

DeFi and Dollar Liquidity

Ethereum's DeFi ecosystem, from lending protocols to decentralized exchanges (DEXs), operates on stablecoin liquidity. By legalizing stablecoins, the GENIUS Act effectively ensures the foundation of DeFi. Participants can confidently use assets like USDC without fear of sudden shocks or legal ambiguities.

This encourages institutional participation in DeFi (e.g., trading, lending, payments with stablecoins). In short, this legislation bridges Traditional Finance (TradFi) with DeFi: it invites banks, payment companies, and even tech firms to issue and use Ethereum-based stablecoins, while providing guardrails (KYC/AML, audits, redemption rights) to mitigate systemic and legal risks. The ultimate effect is the formation of a supportive policy environment, anchoring Ethereum's role in the digital dollar economy.

Finally, another transparency bill in the crypto world, the CLARITY Act (H.R. 3633), has also made significant progress recently.

The CLARITY Act was first pushed through the House, and on June 13, 2025, the bill passed in both the Financial Services Committee and the Agriculture Committee with a vote of 32:19 and 47:6, respectively. Currently, the bill has entered the rules committee process and is awaiting scheduling for submission to the full House for a vote.

Data Source: U.S. Financial Services

The CLARITY Act eliminates the biggest question mark hanging over Ethereum's head in the U.S.: whether ETH is a security.

By explicitly categorizing ETH (and any sufficiently decentralized Layer-1 token) as a "digital commodity" under the oversight of the CFTC, the bill removes the possibility of SEC retroactive enforcement, creates a safe harbor for secondary trading, and clarifies when developers and validators are not "brokers." This combination significantly reduces regulatory risk premiums, paves the way for Wall Street products associated with spot and staked ETH, and gives the green light for DeFi to continue innovating on the network.

In summary, given Ethereum's dominant position in custody stablecoins and DeFi, these multiple regulatory green lights greatly strengthen the mid-term adoption, trading growth, and Ethereum's integration into the traditional financial system.

2. The "ETH Version of MicroStrategy" Leading the Institutional Race

More and more institutional players are viewing Ethereum as a strategic asset, a trend that has accelerated due to a significant move by SharpLink Gaming. The Nasdaq-listed company SharpLink recently completed a milestone funding allocation: acquiring 176,000 ETH (approximately $463 million), positioning Ethereum as its primary reserve asset and overnight becoming the world's largest public ETH holder. Currently, over 95% of this allocation has been staked to earn rewards and enhance the security of the Ethereum network.

Content Source: SharpLink Gaming

SharpLink's CEO called this a "landmark moment" and explicitly compared the strategy to MicroStrategy's Bitcoin strategy, but with Ethereum instead. This bold funding is strongly supported by ConsenSys founder and one of Ethereum's eight co-founders, Joseph Lubin, who himself has taken on the role of SharpLink's new Chairman. Lubin has stated on various occasions: "SharpLink's bold ETH strategy marks a milestone in institutional Ethereum adoption," and pointed out that "ETH not only has Bitcoin-like store of value properties, but also, due to its predictable scarcity and ongoing return, has become a truly productive reserve asset; as Ethereum increasingly becomes the underlying infrastructure of the digital economy, ETH is also seen as a strategic investment leading to the future financial architecture."

The cryptocurrency treasury trend has suddenly become a trend: SharpLink's success (with its stock price soaring 400% after the announcement) has prompted peers to emulate this strategy. The publicly listed company Bitmine Immersion (BMNR) also recently announced raising $250 million specifically for acquiring ETH, positioning itself as an "Ethereum treasury strategy company." Bitmine, led by Fundstrat co-founder Tom Lee, saw its stock price skyrocket over 3000% in the week following the announcement, attracting investments from frontline institutions such as Founders Fund, Pantera, and Galaxy.

Meanwhile, observers report that numerous companies, including those in Europe, are also exploring Ethereum-focused treasury allocations. While some forward-looking companies like BTCS Inc. had already started holding ETH, SharpLink's move represents a new height of mainstream adoption.

For Ethereum, the increasing accumulation of ETH in corporate treasuries is undoubtedly a positive development—it locks up supply (especially because most tokens will eventually be staked) and signals institutional confidence.

At the same time, institutions are also positioning through funds: the first Ethereum futures ETFs were launched in late 2024, and the approval of spot Ethereum ETFs is imminent, potentially unleashing billions of dollars in new demand. BlackRock CEO Larry Fink said in an interview with CNBC, "I think launching an Ethereum ETF is valuable. This is just the first step towards asset tokenization, and I really believe this is our future direction."

It is evident that Ethereum is increasingly being seen by public companies and funds as a strategic investment and reserve asset, similar to Bitcoin's development trajectory in the previous cycle.

3. Weekly Chart Level Technical Indicator Revisits MA200

The price chart of Ethereum is showing multiple bullish technical signals, indicating a potential trend reversal to the upside.

After a prolonged period of stagnation, in May 2025, ETH reclaimed the MA200 on the weekly chart—this being one of the most classic indicators of a bull market resurgence.

Data Source: Binance ETH Weekly MA200

From a technical perspective, Ethereum's overall market structure has improved: a series of lower lows have been gradually replaced by higher lows and a breakout from a long-term descending channel.

From May to June, ETH remained above the 200-week moving average line, with the 200-week average (around $2,500) serving as a support "launchpad"—ETH is bottoming above it, similar to the recovery phase of past cycles.

The momentum indicators confirm the positive structure: the weekly candlestick chart shows long bodies and short wicks, indicating strong buying pressure and lower selling pressure during pullbacks. The rising slope of key averages and the upward trend of the MACD indicator indicate strengthening upward momentum. Additionally, a bullish chart pattern is observed—several analysts have pointed out a potential bull flag formation on the ETH chart, which if confirmed, could target a mid-term price of over $3,000.

This indicates that traders are full of confidence in ETH, believing that the downside risk has been effectively controlled, and the path of least resistance is upwards. Overall, Ethereum's technical outlook stabilizing above the 200-week average, overlaying higher highs and lows, and enhanced momentum suggest that the asset is in the early stages of a significant bullish reversal, supporting a positive outlook for the next 3 to 18 months.

4. Ethereum Pectra Upgrade Fast-track Roadmap

Ethereum's technical roadmap is steadily advancing, continuously enhancing its fundamental value. The Pectra upgrade launched on May 7, 2025 (a merger of Prague + Electra hard forks) marks a new phase for Ethereum, incorporating 11 EIPs covering various improvements from smart wallets to scalability.

The most iconic changes include: raising the staking cap of a single validator from 32 ETH to 2048 ETH and recalibrating fees to significantly boost Layer-2 throughput. These changes lower costs, enhance L2 performance, accelerate the adoption of Optimistic Rollups and zk-Rollups in the ecosystem, and clear obstacles for future L1 scalability.

Simultaneously, the Pectra upgrade has introduced account abstraction, such as gasless payments, batch transactions, etc., laying the foundation for the future mass adoption of stablecoins, further widening the gap in user experience and flexibility compared to other blockchains. As Ethereum core developer Tim Beiko summarized on April 24th: "A major highlight of Pectra is EIP-7702, which enables use cases like batch transactions, Gas abstraction, and social recovery without asset migration."

At the mainnet level, Ethereum has been gradually increasing the Gas Limit from the initial 15 million to 36 million, with a future increase to 60 million, bringing a 2–4x improvement in Ethereum L1's transactions per second (TPS) to 60 TPS. It can be predicted that after multiple scalability upgrades, Ethereum is expected to surpass a three-digit TPS. Ethereum researcher Dankrad Feist even proposed: "We have a blueprint to increase the Gas Limit by 100x within four years, theoretically boosting Ethereum's TPS to 2,000."

Meanwhile, Ethereum is actively advancing zero-knowledge (ZK) integration as part of the "Surge" roadmap phase. Upgrades like Pectra (and the upcoming Fusaka) lay the groundwork for comprehensive ETH ZKization and ZK rollup verification light clients.

Evidently, Ethereum's core protocol is rapidly evolving, keeping it at the forefront of technology compared to its competitors.

5. Impending Rate Cuts: Macroeconomic Environment Favorable

In the coming months, changes in the macroeconomic environment are set to favor Ethereum. After a year of high-interest rates, the market expects the Federal Reserve to shift towards rate cuts, which may lead to the benchmark interest rate falling below the ETH staking rewards rate.

Data Source: CME Fed Watch

According to CME Fed Watch's forecast, by mid-2026, the federal funds rate is projected to drop to 3.25% or lower. Meanwhile, Ethereum's on-chain staking rewards rate (currently around 3.5% annualized) is expected to increase due to network activity and fee growth.

This convergence of trends creates a "double-impact effect": traditional risk-free rates decrease, while Ethereum's native yield increases, potentially turning the gap between ETH staking and treasury bond yields into a positive value.

If Ethereum staking can provide a return significantly higher than that of US Treasury bonds or savings accounts, it will enhance ETH's attractiveness as a high-yield and liquid asset. Staking not only brings in steady returns, but ETH itself also has the potential for price appreciation, making it a highly appealing combination for investors who struggle to find yield elsewhere.

Furthermore, it is well known that a more accommodative Federal Reserve policy (along with improved inflation prospects) often weakens the US dollar, historically benefiting all crypto assets.

This loose monetary policy macro trend is very favorable for ETH over the next 3 to 18 months.

6. Staking: On-Chain Staking and ETF Staking Working Hand in Hand

Ethereum core researcher Justin Drake has noted in multiple podcast interviews between 2024 and 2025: "Ethereum staking has become fundamental to network security and the economic model, and if the US approves staking ETFs, it could bring in billions of dollars in new institutional demand."

The transition of Ethereum to Proof of Stake (PoS) has sparked new dynamics around staking, and US regulatory bodies are gradually becoming more open to investment products utilizing staking rewards. With the SEC approving multiple spot Ethereum ETFs in 2024, the stage has been set for the next phase of innovation: a US staking ETF providing exposure to ETH plus staking rewards.

Therefore, the future of Ethereum's Staking will involve a two-pronged approach:

1. Traditional Institutional Staking: How a staking-supported ETF might impact Ethereum's ecosystem and value;

2. On-Chain Protocol Staking: The role of protocols like Lido and Ether.Fi in popularizing staking.

Growing staking participation: Ethereum staking has seen robust growth post-Merge and Shanghai upgrades. As of the first quarter of 2025, around 28% of the total ETH supply is staked on validator nodes, reaching a historic high and reflecting strong confidence in the network.

Data Source: Dune https://dune.com/hildobby/eth2-staking

Multi-Staking On-chain and Breaking Centralized Staking

It is worth noting that ETH Staking has not trended towards centralization: Lido Finance is still the largest single staking provider, but its once dominant market share (over 30%) did not continue to concentrate. The reason is that Lido has actively promoted Community Staking Mechanism (CSM) and DAO Validator Token (DVT) Staking, gradually increasing their share in the Lido Staking pool, thus shattering past doubts about ETH Staking heading towards centralization.

At the same time, the staking landscape is becoming more diverse, with platforms like Ether.Fi staking ETH growing by about 30% in the last 6 months, with a net increase of over 310,000 ETH in just the past month. Particularly, strategies related to yield farming have shown how innovation can make Ethereum staking more accessible and capital efficient: users can easily participate with small amounts, maintain liquidity, and even amplify returns, all of which encourage broader staking participation.

Staking rewards have changed investors' considerations—ETH is no longer a non-yielding asset, but is gradually becoming akin to a productive asset, with returns comparable to dividends or interest, even addressing Buffett's historical skepticism of non-interest-bearing assets like gold or Bitcoin. Overall, the amount of staked ETH has reached a new all-time high, indicating that holders view staking as an attractive long-term strategy (earning rewards while securing the network), rather than short-term speculation.

Anticipated U.S. Staking ETF and Its Impact

With the launch of a spot Ethereum ETF in the U.S., a natural progression would be to introduce an ETF that not only holds ETH but also participates in staking to earn rewards. Such a product would be groundbreaking, providing traditional investors with exposure to ETH price appreciation and around a 3–4% annualized staking reward through a single, regulated instrument. If a staking-supporting ETF in the U.S. receives approval, its impact on Ethereum could be significant:

Increased Demand and Reduced Circulating Supply: A staking ETF could attract institutional capital and retirement accounts that prefer the convenience of ETFs. This would lock up more ETH in staking contracts, effectively reducing liquidity in circulation, and a popular ETF could exert a "tailwind effect" on ETH price.

Validation of Staking Legitimacy: Especially as the new SEC chair has clarified that "validators, staking-as-a-service" fall outside the jurisdiction of securities, approval of a staking ETF in the U.S. would send a strong signal.

Data Source: SEC

Industry experts such as Bloomberg's James Seyffart and The ETF Store's ETF analyst predict that by the end of 2025, the SEC may allow staking capabilities in ETFs for major assets like Ether. In essence, a U.S. staking ETF seems to be a question of "when" rather than "if."

Essentially, this would normalize staking as a "crypto dividend" or interest similar to a bond in the eyes of traditional investors. This mainstream acceptance could broaden Ethereum's investor base, attracting not only growth investors but also those seeking returns and income.

In summary, Ethereum staking has become a core pillar of the network's value proposition, and the emergence of U.S. staking ETFs could change the game. This growing staking base reduces circulating supply and encourages long-term holding, supporting ETH's price. If regulatory bodies allow ETFs to integrate staking, it would invite a new class of investors to participate in Ethereum's yields within a familiar framework, potentially boosting demand for ETH and strengthening its position as an income-generating asset.

Founder of Ebunker, Allen Ding, stated: "As a premier Staking service provider in Asia, I would like to discuss Ethereum's potential from a node perspective. Currently, Ethereum has over a million nodes and thousands of node operators, making it one of the most decentralized protocols in the entire blockchain industry and even in all human societal organizations.

While Ethereum has seen lackluster performance in terms of application ecosystem prosperity and user growth in recent years, I believe its long-standing reputation in decentralization and security is its true, unchallengeable moat. We have recently seen many commercial companies such as Robinhood still choosing Ethereum L2 to issue their on-chain securities, a demonstration of Ethereum's indomitable position in people's minds.

So, I boldly claim that Ethereum is unkillable—both literally and metaphorically."

7. Layer2 Witnesses Exponential Growth in Multichain Competition

Data Source: L2Beats

Ethereum's strategy of scaling through Layer-2 networks is yielding significant results. The L2 strategy is eliminating many potential new "Ethereum killers" that could have emerged.

Ethereum did not compete with every emerging blockchain but empowered them as L2, and even large enterprises have joined the trend. For example, Sony launched its own Ethereum L2 blockchain called Soneium, aiming to bring Web3 to the gaming, entertainment, and financial sectors. Sony's platform will adopt Optimism's OP Stack technology, inheriting Ethereum's security while providing customized scalability. This is the first time a global consumer technology giant has directly built a platform on Ethereum's L2 framework, greatly validating Ethereum's strategy.

Recently, Robinhood also joined this trend, announcing plans to build its L2 blockchain based on Arbitrum to support its new business lines in the EU, such as tokenized stocks and crypto perpetual contracts. As one of the most popular financial platforms in the U.S., Robinhood's participation signifies the continued attractiveness of Ethereum L2 strategy to mainstream fintech companies.

At the same time, the U.S. exchange Coinbase's L2 network Base, launched in 2024, has seen a surge in activity. Base processes over 6 million transactions daily and has even surpassed traditional L2 solutions like Arbitrum in terms of usage. In fact, by the end of 2024, Base accounted for approximately 60% of all L2 transactions, showcasing the potential for Ethereum L2 to achieve large-scale expansion with the support of major platforms.

Source: L2Beats

Not to be outdone, Binance also adopted Ethereum's technology—its opBNB chain is based on Optimism's L2, achieving over 4000 TPS in testing and processing 35 million transactions during the test phase. By leveraging Ethereum's EVM and OP Stack, opBNB extends Ethereum's influence to the BNB Chain ecosystem while maintaining compatibility.

In conclusion, Ethereum's network effect is so powerful that early potential competitors and large enterprises have transformed into part of its L2 superstructure. This widespread L2 adoption (from Sony to Robinhood, Coinbase to Binance) has driven more usage and fee flow back to Ethereum, emphasizing its position as the preferred settlement layer.

8. Mainstream and Political Dual Adoption

Beyond price, signals from the broader ecosystem indicate that Ethereum is increasingly ingraining itself into the fabric of technology, business, and even politics.

One notable example is the Trump family's foray into the crypto space through the new platform of World Freedom Financial (WLFI). WLFI aims to provide high-yield crypto services and digital asset trading—essentially bringing the DeFi concept to the masses.

Trump Jr., son of former President Trump, publicly predicted that WLFI has the potential to "reshape DeFi and CeFi, fundamentally changing the financial industry," emphasizing, "We are just getting started." Around the time of this tweet, WLFI invested $48 million to buy ETH to support its DeFi activities.

The Trump family's involvement—reportedly owning a significant portion of WLFI's shares and even appointing Trump himself as the "Chief Crypto Advocate"—indicates that even conservative figures are beginning to see the value of Ethereum-based finance, which can be seen as indirect recognition of Ethereum's technology.

At the same time, the attitudes of institutional investors are also undergoing a fundamental shift.

Data Source: SoSoValue

In June 2025, net inflows into the Ethereum spot ETF surpassed $1.1 billion, marking a new monthly high in 2025, accounting for over 27% of the total cumulative net inflows ($4.18 billion) to date, demonstrating that institutional funds are rapidly and massively entering the Ethereum market. More importantly, this is not a short-term fund movement but a wave of sustained allocation trends:

As of June 12, 2025, the Ethereum spot ETF has seen 19 consecutive trading days of positive fund flows, breaking the historical record of consecutive net inflows in crypto ETFs. On June 11, the single-day net inflow reached as high as $240 million, far exceeding Bitcoin ETF's $165 million during the same period, highlighting the increasing market preference for ETH.

Data Source: X @etheraider

This series of changes in fund flows sends a clear signal: institutions are no longer just "paying attention" to Ethereum, but are firmly "allocating" to Ethereum.

The logic behind this is not complicated:

· Ethereum has a diversified revenue structure (staking rewards, MEV capture, L2 fees)

· It has a more efficient technological upgrade path (such as EIP-4844, modular architecture)

· And a continuously leading developer ecosystem and application vitality

For institutions, ETH is no longer just a substitute for Bitcoin, but more like a "proof of stake in the digital financial system" — representing the underlying equity of the future global network finance. This shift in role positioning has gradually made ETH one of the core assets in mainstream financial allocations.

Morgan Stanley analysts recently reiterated: "If Ethereum can continue to upgrade smoothly, more institutional investments (such as a new round of ETFs) will continue to drive ETH price upwards. We still adhere to the bold long-term target of $15,000."

Furthermore, this also demonstrates Ethereum's development journey: from being ignored by regulators and traditional powers to now being adopted by the U.S. President. Other signals in the ecosystem are also abundant: for example, PayPal launched a stablecoin (PYUSD) based on Ethereum, and Visa is using Ethereum to settle USDC payments.

In addition, mainstream adoption outside the United States is also gaining momentum.

Since 2021, Europe, Asia, and global emerging markets have been actively adopting Ethereum in the policy, financial, and technological fields:

· Europe: After the MiCA regulation took effect, banks like Deutsche Bank and BNP Paribas will use Ethereum as a platform for digital bond issuance and settlement. The French asset management giant Amundi has clearly stated: "Ethereum is at the core of our digital securities strategy." In 2023, the London Stock Exchange (LSE) announced support for Ethereum-based digital asset listings. The Swiss-based SIX Exchange has been offering Ethereum spot and derivatives since 2022.

· Asia-Pacific: In 2024, an ETH ETF will be listed in Hong Kong supporting Staking, and compliant exchanges like HashKey and OSL use Ethereum for underlying asset custody. Starting in 2022, Singapore's DBS Bank began a pilot of Ethereum DeFi liquidity pools, with ETH as the core collateral. Mitsubishi UFJ in Japan leads Progmat Coin, issuing a Japanese stablecoin on an Ethereum-compatible architecture. The Australian eAUD is based on Ethereum-compatible EVM.

· Latin America and the Middle East: Brazil Central Bank CBDC, UAE, Abu Dhabi driving asset tokenization and digital identity, preferring Ethereum and L2 platforms.

· Africa: Nigeria Central Bank to collaborate with Consensys in 2022 to advance the eNaira national payment system based on the Ethereum architecture.

These cases demonstrate that whether in Europe, the Americas, Asia, the Middle East, or Africa, Ethereum has become the preferred underlying infrastructure for digital asset issuance, asset custody, compliance pilots, and enterprise innovation.

With more and more governments, fintech companies, and enterprises globally integrating Ethereum into actual business operations, the actual demand for ETH and real-world implementation will further enhance the supply-demand structure, providing a broader space for the upcoming 3–18 months of the upward cycle.

9. Vitalik's Ongoing Drive and Ethereum Foundation Reform

Not only has Ethereum continuously made breakthroughs at the technical and market levels, but the organization and thought leaders behind it have also entered a new stage of development. Vitalik's ongoing research, Foundation reshaping, establishment of the Etherealize department, and the collaborative evolution of L1 and L2 are all driving the Ethereum ecosystem towards a more mature and influential direction.

Vitalik: The Sole Cryptographic Leader Post-Satoshi

Vitalik Buterin is hailed as the "sole deity of the post-Satoshi era." Not only is he the founder of Ethereum, but he also continuously influences the ecosystem as a pioneer in industry research and a social media influencer. Currently, his focus includes:

· ZK-Rollup Strategy: Vitalik has established zero-knowledge proof (ZK proof) as the core technological theme for Ethereum in the next decade. He continues to drive the dominance of ZK proofs in scalability and security, while emphasizing that Ethereum should not overly rely on a single technological path. Although the industry has achieved breakthroughs such as real-time ZK proofs, Vitalik also notes that performance optimization, auditability, and usability are still lacking. ZK proofs will play a key role in enhancing Ethereum's efficiency and security in the long-term process.

· RISC-V + ZK-EVM Performance Innovation: Vitalik advocates for a general-purpose RISC-V virtual machine as a long-term goal, believing that if the mainnet can achieve this upgrade, execution efficiency could increase by 50–100 times or even more. Meanwhile, ZK-EVM will serve as a mid-term transition and complement. Through architectural innovation, Ethereum is poised to significantly outperform similar blockchains in verifiability and performance, continuously strengthening its core competitiveness.

· Light Node Roadmap: Vitalik is advocating for innovative ideas such as "partially stateless nodes," allowing ordinary users to participate in network validation by only keeping track of the relevant sub-states. This approach reduces hardware requirements, mitigates RPC centralization pressure, enhances Ethereum's decentralization, and engages more users, laying a technical foundation for broader societal involvement in the future.

In the crypto space, Vitalik has a Twitter following second only to CZ. His personal opinions alone have a significant impact on the crypto industry and spark industry discussions. Vitalik continues to contribute in-depth research and cutting-edge discussions to the industry, embodying an undisputed position as a blockchain thought leader.

Foundation Restructuring: Organizational Optimization and Core Talent Promotion

In 2025, the Ethereum Foundation (EF) announced a new organizational structure. Former Executive Director Aya Miyaguchi was promoted to President, focusing on global strategy and external relations. The board consists of Vitalik Buterin, Aya Miyaguchi, Swiss legal advisor Patrick Storchenegger, and newly appointed director Hsiao-Wei Wang, responsible for long-term vision and compliance oversight.

Operationally, the foundation introduced a "Co-Executive Directors" model for the first time: former Protocol Support lead Hsiao-Wei Wang and Nethermind founder Tomasz Stańczak jointly oversee day-to-day management. Additionally, Bastian Aue (organizational strategy, recruitment, training) and Josh Stark (project execution, marketing communications) joined the management team to facilitate cross-functional collaboration.

This restructuring clearly separates decision-making authority from execution, establishing a "Board-Management" dual-governance structure. This setup disperses single-point risks, enhances execution efficiency, and provides smoother collaboration channels for the core development (Protocol & Privacy & Scaling), ecosystem growth (Ecodev), and operational support pillars.

Overall, the EF is transitioning from a "single-line" management to a more flat and multi-central governance model, laying a solid foundation for Ethereum's next phase of cross L1/L2 scaling and multi-domain collaboration.

Etherealize: A New Breakthrough in Wall Street Strategic Alignment

In January of this year, the Ethereum ecosystem welcomed a new independent non-profit organization, Etherealize. This institution received funding from the Ethereum Foundation but maintains independence in governance and operations, positioning itself as "Ethereum's institutional market and product hub." Led by Wall Street veteran banker Vivek Raman, the Etherealize team welcomed Danny Ryan as a co-founder in March.

Etherealize primarily caters to banks, brokerages, and asset management institutions, providing services such as research, education, and product integration. It focuses on promoting asset tokenization, customizable L2 solutions, and practical applications of zero-knowledge privacy tools. The establishment of this institution signifies that the Ethereum ecosystem is transitioning from a mere technical community to financial infrastructure. With a specific focus on Wall Street, it further solidifies ETH's position as an institutional-grade digital asset.

Shift in Technical Strategy: L1 and L2 Synergistic Development

While Ethereum delves deeper into L2 scaling, it is also accelerating the enhancement of the mainnet (L1) base performance. Vitalik Buterin stated in a Decrypt interview on June 2nd of this year: "I think we should aim to scale the Ethereum mainnet by about 10x over the next one to two years."

The most noticeable progress is the dynamic increase in Gas Limit, with the mainnet's Gas Limit set to rise from 15 million to 36 million in 2024. By 2025, it is expected to enter a voting stage to increase to 60 million, boosting ETH mainnet's peak TPS to 60, achieving a historical 4x increase.

Unlike Bitcoin's fixed block size, Ethereum's Gas Limit is dynamically voted on by the entire network of validators, avoiding hard forks and enhancing on-chain governance flexibility and community participation. Recent radical proposals like EIP-9698 suggest a significant increase in Gas Limit in the coming years, but the community overall tends to balance progress in security, decentralization, and performance.

Recent tests have shown that a 60 million Gas Limit has a manageable impact on most node performance and block propagation latency, laying a solid foundation for future L1+L2 synergy to serve a billion-user scenario.

Tokenomics: The Soundness of Ultrasound Money Persists

Ethereum's native tokenomics continue to strengthen its investment value. Ethereum's "ultrasound money" theory is coming to fruition: fee burning often exceeds the new issuance, resulting in net deflation during high activity periods. Since the London upgrade, over 4.6 million ETH have been burned, steadily reducing the circulating supply.

Data Source: Ultrasound Money

From a supply standpoint, higher staking participation has indeed slightly increased the protocol's issuance (more validators = more ETH rewards released), but since transitioning to PoS, Ethereum's issuance remains significantly lower than the Proof of Work (PoW) era—only about 700,000 ETH are newly issued each year (corresponding to 30 million staked ETH), much lower than the 4.5 million ETH issued annually under the old mining system.

From a consumption perspective, on-chain activity remains strong — Ethereum consistently processes billions of dollars in transactions daily, covering decentralized finance, NFTs, and payments, far surpassing any other smart contract chain. Despite being in a bear market, this healthy network usage indicates Ethereum's utility (and thus demand for ETH as gas fees) is on a stable upward trend.

Data Source: growthepie.com

Even with roughly 28% Staking participation, the yearly ETH issuance through staking represents only around 0.5–1% of the supply, and under the EIP-1559 fee burning mechanism, periods of high network activity can still result in a net deflation of ETH supply.

In fact, Ethereum's net issuance hovers near zero and is sometimes deflationary, depending on fee activity. With the fee burning mechanism offsetting costs, Ethereum's monetary policy can still be considered deflationary or neutral in many cases. Therefore, with the growth of staking, Ethereum's "inflation rate" remains low while the "yield" stays high, all while more ETH is locked up to secure the network, achieving a delicate balance.

As L2 adoption (as mentioned earlier) drives more transactions to settle on L1, Ethereum's fee revenue (and thus ETH burn rate) should continue to grow. Overall, Ethereum's supply-demand dynamics look very bullish in the medium term: reduced effective supply, increasing demand from network users and long-term stakers/investors.

Conclusion

Across the four major dimensions of regulation, technology, capital, and macro, Ethereum is entering the "compound zone at the inflection point." As policy ceilings are lifted, protocol performance continues to iterate, institutional allocation shifts from explorative to strategic, and global liquidity loosens once again — these four forces are not isolated but rather interlinked, with exponential resonance.

History tells us that truly game-changing assets often quietly reshape valuations before consensus solidifies. Today, ten core reasons stand side by side, tracing out a clear timeline — from regulatory clearance to treasury onboarding, from Pectra upgrade to staking ETF, from L2 scaling to deflationary economics. All signals point to the same answer: ETH is no longer just the "opportunity of the next stage" but the "most certain increment of the present." The market will ultimately validate this logic with price — the only question remaining is whether you will choose to turn the page before or after the story is fully written.

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