8 trillion dollars! Who says Ethereum is done? That's just a shallow view!

In the fourth quarter of 2025, Ethereum quietly processed 8 trillion in transaction volume, equivalent to running nearly 10 times the annual GDP of Switzerland!

Why, with daily active addresses exceeding 10 million, transaction volume doubling compared to the second quarter, is the coin price still stagnant?

It can be said that Ethereum is currently in a rather awkward position, with on-chain data celebrating while holders curse the stagnant coin price. Today, we won't blow smoke or be overly critical; let's analyze this 'strange phenomenon.'

I call this the 'Infrastructure Paradox.' Ethereum is like prime real estate in Manhattan. A few years ago, not only were the land prices high, but there were also constant traffic jams, forcing everyone to play in the suburbs. But now, Ethereum has widened the roads and built taller buildings; it's not congested, and the fees have dropped significantly.

So why can't the 8 trillion in transaction volume save the coin price?

To put it simply, Ethereum is currently relying on low margins with high sales. Although the network efficiency has improved a hundredfold, the service fees it collects have decreased a thousandfold. This awkward situation of increasing volume without increasing revenue is the true reason behind the weak coin price.

So why are old money (institutions) still stubbornly sticking with Ethereum?

Because in the eyes of financial giants, 'consensus' is the most solid physical law. Even if other chains are faster, as long as they haven't undergone extreme stress testing worth hundreds of billions of dollars, institutions are hesitant to put their core assets on the line. Look at RWA (Real World Assets), where 65% of global assets are on-chain. Giants like BlackRock and Franklin... are not foolish; in the face of trillion-dollar funds, speed can only be a supplementary advantage.

In December, daily active addresses exceeded 10 million, with 2.23 million daily transactions.

Data does not lie; the infrastructure has been built right to our doorstep, and Ethereum's application explosion is just around the corner in the next couple of years. Personally, I believe that now is the time when 'price' and 'value' are most disconnected.

However, if you are still waiting for it to make you rich overnight, you might be in the wrong place. But if you are positioning for the financial clearing rights of the next decade, it remains the irreplaceable king.