This ETH cycle didn't play out the way most people expected, yet the market fundamentals and the broader Ethereum ecosystem have clearly evolved. The maturation is evident—infrastructure is stronger, adoption pathways are clearer.

What's particularly striking is the institutional momentum around tokenization. More and more heavyweight players are making serious moves to tokenize real-world assets, and Ethereum remains the dominant settlement layer for these initiatives. Whether it's traditional finance entities or tech giants exploring blockchain infrastructure, they keep coming back to Ethereum's liquidity, security, and developer ecosystem.

The narrative has shifted from speculation to utility, and that's where the real story lies.