Bernstein: Ethereum Reaches a Critical Turning Point, Financial Innovation Transformation Becomes the New Main Line of the Market
ChainCatcher news, according to a report by The Block, Bernstein analysts indicate that the cryptocurrency market is shifting from speculative trading to blockchain-driven financial innovation, with Ethereum becoming the core vehicle of this transformation. Although Bitcoin is still viewed as an important store of value (the institution maintains a target price of $200,000 for this cycle), mainstream attention has extended to innovations in underlying blockchain financial applications.Data shows that the assets under management (AUM) of Bitcoin spot ETFs in the U.S. have surpassed $120 billion within two years, while the AUM of the Ethereum spot ETF launched last July is currently only $9 billion. However, recent fund flows into Ethereum ETFs have significantly rebounded—net inflows of $815 million over the past 20 days, with year-to-date net inflows turning positive at $658 million, reflecting increased institutional interest.Analysts emphasize that Ethereum's positioning as a "decentralized computer" places it at the core of scenarios such as stablecoin issuance and asset tokenization. Payment giants like Visa and Mastercard are actively laying out stablecoin strategies; Coinbase is advancing merchant payment pilots through its Layer 2 network Base, Robinhood is promoting the tokenization of real-world assets, and Kraken plans to launch tokenized U.S. stocks for international users, confirming the acceleration of blockchain financial applications."When real companies and institutional investors innovate on the blockchain, underlying network assets like Ethereum will gain value support," the report states, noting that the gas fees generated from stablecoin transactions have formed substantial value capture. Market perception is undergoing a critical shift: investors are beginning to associate the value of blockchain applications with the value of underlying tokens, driving funds to spread beyond Bitcoin assets.