Svmuu News 10x Research posted on the X platform, stating that ETH has shown lackluster performance over the past five years, trading around the $2,000 level it reached in the previous cycle. Since November, due to subdued on-chain activity limiting ETH demand and value accumulation, 10x Research has maintained a cautious stance. After a 57% decline from its August 2025 high, ETH is currently at a relatively low valuation, while BTC has fallen about 42% over the same period. Despite significant market cap losses, such as ETH treasury companies like Bitmine withdrawing approximately $8 billion, capital accumulation continues. Recently, the issuance of USDT on the Ethereum network has surpassed that on Tron. This has sparked the view that Ethereum could become the primary beneficiary of stablecoin growth and potentially serve as the Wall Street-driven financial backbone for on-chain infrastructure. 10x Research is reassessing whether ETH is approaching an inflection point or if structural resistance persists.