ETH price rose as Ethereum’s USDT issuance surpassed Tron, according to 10x Research. ETH analysis shows the chain continues to attract stablecoin flows despite a 57% decline from its August 2025 peak. ETH remains cheaper than BTC, which fell 42%. On-chain data suggests capital is still flowing into ETH, even as treasury firms like Bitmine report losses.

Odaily Planet Daily reports that 10x Research posted on X that over the past five years, ETH has underperformed, trading near the $2,000 level reached in the previous cycle. Since November, 10x Research has maintained a cautious stance due to weak on-chain activity limiting demand and value accumulation for ETH. After falling 57% from its August 2025 high—compared to BTC’s approximate 42% decline over the same period—ETH is currently relatively undervalued. Despite significant market-cap losses, such as the $8 billion drawdown by ETH treasury firms like Bitmine, capital accumulation continues; recently, USDT issuance on the Ethereum network has surpassed that of Tron. This has sparked the view that Ethereum could become the primary beneficiary of stablecoin growth and potentially serve as the financial backbone of on-chain infrastructure driven by Wall Street. 10x Research is now reassessing whether ETH is nearing a turning point or if structural resistance remains intact.