#ETH走势分析 ETH is really undergoing a transformation from a speculative asset to a core asset allocation right now.

This isn’t a prediction—it’s already happening. As of September this year, the amount of ETH held on the balance sheets of publicly listed companies reached 3.59% of global supply, surpassing Bitcoin’s 3.49% for the first time. Standard Chartered’s data is even more striking—just in the past few months of the second half of the year, financial firms and spot ETFs have absorbed 5% of circulating supply at a record pace. Top asset managers like BlackRock are quietly changing their strategies, upgrading ETH from an “experimental allocation” to a “core position.”

Why are institutions focusing on ETH? The key lies in these three points:

First, it generates yield. Unlike Bitcoin, which can only be held passively, ETH can be staked to earn a stable 3-4% native yield. This feature makes it somewhat like a bond—you can hold an appreciating asset and also earn extra returns from the protocol every year. It combines both functions.

Second, its utility is completely different. If Bitcoin is “digital gold,” then ETH is the “digital oil” powering the entire on-chain economy. Over 50% of stablecoins run on Ethereum, and a large number of real-world assets (RWA) are deployed on it as well. Institutions are not just holding ETH; more importantly, they’re using it and building on top of it. ETH itself is the settlement layer for the whole ecosystem.

Finally, the path to regulatory compliance has already been paved. The regulatory framework in the US is becoming increasingly clear, spot ETFs have launched, and staking ETFs are just around the corner. This opens a low-cost, compliant entry channel for traditional capital. This is crucial for institutions.

Putting all this together, you’ll see that Ethereum is undergoing an identity shift: from a highly volatile speculative asset to a strategic allocation asset that combines value storage, yield generation, and infrastructure functionality. This isn’t hype—it’s a repricing of its fundamental attributes.

From an allocation perspective, $BTC, $ETH, and $BNB should be core positions. Other projects within the Ethereum ecosystem can serve as supplemental satellite allocations.