Since Trend Research’s April 24, 2025, report was published, ETH has risen from $1,800 to around $2,400—a 30% gain in just one month. Our pre-report forecast, which called the bottom at $1,450, proved accurate, making ETH a rare high-return opportunity for major capital in the short term. Our bullish stance was based on several factors: ETH’s robust financial metrics and unwavering position as critical crypto infrastructure; a steep correction (60%+ drop over four months); large short positions in derivatives markets; a rebound from key support levels after heavy spot accumulation; and sustained institutional adoption alongside ETF inflows. Our current outlook predicts ETH could surpass $5,000 long-term, with a potential $10,000 peak if BTC hits $300K+. We continue to monitor high-potential ETH ecosystem projects.

A key backdrop to ETH’s reevaluation is the accelerating convergence of digital assets and traditional finance. BTC, now the sixth-largest global asset by market cap, has seen its spot ETFs amass $118.6 billion in AUM (6% of its total market cap) and is being adopted by U.S. states as a strategic reserve asset—signaling its role in dollar asset expansion and partial substitution. CZ’s recent Dubai interview even suggested BTC could reach $500K–$1M this cycle.

ETH remains the backbone of crypto finance, with $600B in DeFi TVL (53%+ of the global market) and $124B in stablecoin market cap (50%+ share). Its ETFs hold $7.2B in AUM, while BlackRock’s tokenized fund BUIDL has deployed $2.7B (92% of its assets) on Ethereum.

After peaking three times at $4,000 in 2024 and crashing to $1,300 (ATH: $4,800+), we project ETH could hit $5,000 this cycle, driven by:

• The end of U.S. quantitative tightening (QT) and impending rate cuts

• Potential regulatory breakthroughs under the new SEC chair, advancing on-chain tokenization and staking policies

• Ethereum Foundation’s governance and roadmap improvements, sustaining infrastructure innovation

• Steady growth in on-chain financial activity

For ETH to reach $10,000 in a bullish scenario, the following must align:

• BTC surpassing $300K

• Groundbreaking ETH infrastructure boosting DeFi

• U.S. institutions adopting Ethereum as the primary venue for asset tokenization

• Global asset tokenization spurred by示范效应

Uniswap, the pioneering DEX, boasts $4.7B TVL, $2B+ daily volume, and $900M annual revenue. With a $4B circulating market cap ($6.6B FDV), 40% of UNI is locked for governance.

Currently, UNI’s tokenomics are decoupled from protocol revenue (holders don’t directly benefit), as the token primarily governs treasury usage—e.g., a 2024 DAO vote approved a 10M UNI buyback. This design stemmed from SEC securities concerns, but with U.S. crypto regulation easing, future upgrades could link revenue to token value.

Recent developments include Uniswap V4, Unichain expansion, and initial activation of the "Fee Switch" mechanism.

Aave leads with $23B TVL, $450M annual revenue, and a $3.3B fully diluted market cap. Like UNI, its revenue doesn’t directly reward AAVE holders but flows through governance.

Key updates: Aave V4 development, cross-chain expansion of native stablecoin GHO, and RWA exploration via the Horizon project.

Ethena’s USDe has become the third-largest USD-pegged asset (after USDT/USDC) and the only synthetic stablecoin, generating $315M yearly revenue. ENA’s market cap is $2.18B ($5.6B FDV).

Recent milestones:

• Partnering with Securitize to launch "Converge," a blockchain bridging TradFi and DeFi

• Plans for iUSDe, an institutional stablecoin product

• Integrating sUSDe into Telegram

• Building an ecosystem around sUSDe, including Ethereal (a perpetual/spot exchange) and Derive (an options/structured products protocol)

Conclusion
As ETH’s ecosystem evolves alongside institutional adoption, these projects—Uniswap, Aave, and Ethena—are poised to capitalize on the next wave of growth, whether ETH reaches $5,000 or $10,000.

Since Trend Research’s April 24, 2025, report was published, ETH has risen from $1,800 to around $2,400—a 30% gain in just one month. Our pre-report forecast, which called the bottom at $1,450, proved accurate, making ETH a rare high-return opportunity for major capital in the short term. Our bullish stance was based on several factors: ETH’s robust financial metrics and unwavering position as critical crypto infrastructure; a steep correction (60%+ drop over four months); large short positions in derivatives markets; a rebound from key support levels after heavy spot accumulation; and sustained institutional adoption alongside ETF inflows. Our current outlook predicts ETH could surpass $5,000 long-term, with a potential $10,000 peak if BTC hits $300K+. We continue to monitor high-potential ETH ecosystem projects.

A key backdrop to ETH’s reevaluation is the accelerating convergence of digital assets and traditional finance. BTC, now the sixth-largest global asset by market cap, has seen its spot ETFs amass $118.6 billion in AUM (6% of its total market cap) and is being adopted by U.S. states as a strategic reserve asset—signaling its role in dollar asset expansion and partial substitution. CZ’s recent Dubai interview even suggested BTC could reach $500K–$1M this cycle.

ETH remains the backbone of crypto finance, with $600B in DeFi TVL (53%+ of the global market) and $124B in stablecoin market cap (50%+ share). Its ETFs hold $7.2B in AUM, while BlackRock’s tokenized fund BUIDL has deployed $2.7B (92% of its assets) on Ethereum.

After peaking three times at $4,000 in 2024 and crashing to $1,300 (ATH: $4,800+), we project ETH could hit $5,000 this cycle, driven by:

• The end of U.S. quantitative tightening (QT) and impending rate cuts

• Potential regulatory breakthroughs under the new SEC chair, advancing on-chain tokenization and staking policies

• Ethereum Foundation’s governance and roadmap improvements, sustaining infrastructure innovation

• Steady growth in on-chain financial activity

For ETH to reach $10,000 in a bullish scenario, the following must align:

• BTC surpassing $300K

• Groundbreaking ETH infrastructure boosting DeFi

• U.S. institutions adopting Ethereum as the primary venue for asset tokenization

• Global asset tokenization spurred by示范效应

Uniswap, the pioneering DEX, boasts $4.7B TVL, $2B+ daily volume, and $900M annual revenue. With a $4B circulating market cap ($6.6B FDV), 40% of UNI is locked for governance.

Currently, UNI’s tokenomics are decoupled from protocol revenue (holders don’t directly benefit), as the token primarily governs treasury usage—e.g., a 2024 DAO vote approved a 10M UNI buyback. This design stemmed from SEC securities concerns, but with U.S. crypto regulation easing, future upgrades could link revenue to token value.

Recent developments include Uniswap V4, Unichain expansion, and initial activation of the "Fee Switch" mechanism.

Aave leads with $23B TVL, $450M annual revenue, and a $3.3B fully diluted market cap. Like UNI, its revenue doesn’t directly reward AAVE holders but flows through governance.

Key updates: Aave V4 development, cross-chain expansion of native stablecoin GHO, and RWA exploration via the Horizon project.

Ethena’s USDe has become the third-largest USD-pegged asset (after USDT/USDC) and the only synthetic stablecoin, generating $315M yearly revenue. ENA’s market cap is $2.18B ($5.6B FDV).

Recent milestones:

• Partnering with Securitize to launch "Converge," a blockchain bridging TradFi and DeFi

• Plans for iUSDe, an institutional stablecoin product

• Integrating sUSDe into Telegram

• Building an ecosystem around sUSDe, including Ethereal (a perpetual/spot exchange) and Derive (an options/structured products protocol)

Conclusion
As ETH’s ecosystem evolves alongside institutional adoption, these projects—Uniswap, Aave, and Ethena—are poised to capitalize on the next wave of growth, whether ETH reaches $5,000 or $10,000.