Ethereum is completing a critical identity shift.

The most intuitive signals come from seasoned Bitcoin players. When billions of dollars' worth of assets flow from BTC to ETH, it’s not just simple capital reallocation; it reflects the market’s re-pricing of Ethereum’s value. Recent data is very convincing—August this year saw a 25% monthly increase in Ethereum, while Bitcoin actually declined by 5.3%. This contrast reveals a deep shift in market expectations.

Institutional investments speak volumes. According to corporate financial disclosures, about 10 companies have added Ethereum to their balance sheets, holding a proportion equivalent to 2.3% of the circulating supply. But more importantly, their approach has changed—they are no longer just hoarding, but actively earning yields through running validation nodes and participating in liquid staking. How significant is this shift? Ethereum is beginning to possess the store-of-value attributes similar to Bitcoin, but at the same time, it has gained the ability to generate yields that Bitcoin simply cannot offer. Institutions like BitMine demonstrated this in August—they increased their ETH holdings by 105%, reaching a total of $3.38 billion.

Technological advancements and policy support are resonating. The passage of the US GENIUS Act and stablecoin legislation directly provide institutional backing for the Ethereum ecosystem. Meanwhile, the SEC’s more relaxed attitude toward liquid staking tokens is removing major obstacles faced by institutions. As a result, Ethereum’s identity is once again evolving—from a purely technical platform to a hybrid asset with both a compliant framework and yield-generating potential.

Data evidence is already quite clear. Ethereum’s contract holdings have reached $67.4 billion, approaching Bitcoin’s $84.7 billion. If this trend continues, the rebalancing of market structure is far from over.