根據伯恩斯坦的說法

在本週期的大部分時間裡，在落後比特幣和更快的第1層之後，以太坊（ETH）捲土重來了。

After trailing Bitcoin and faster Layer 1s like Solana for much of this cycle, Ethereum (ETH) has mounted a powerful comeback, fueled by three major shifts that are changing the narrative around its role in the crypto ecosystem, according to analysts at Bernstein.

據貝爾斯坦（Bernstein）的分析師稱，在本週期的大部分時間裡，以太坊（ETH）落後於比特幣和更快的第1層之後，據貝爾斯坦（Bernstein）的分析師稱，以太坊（ETH）陷入了強大的複出，這是由於三個重大轉變的推動力，這些轉變正在改變其在加密生態系統中的作用。

As the world’s second-largest cryptocurrency continues its recent surge, Gautam Chhugani and the team at Bernstein highlight three key trends that have propelled Ethereum to the forefront of the crypto landscape.

隨著世界第二大加密貨幣繼續最近的激增，Gautam Chhugani和Bernstein的團隊突出了三個關鍵趨勢，這些趨勢將以太坊推向了Crypto Landscape的最前沿。

1. Tokenization and Stablecoins Are Reviving Ethereum’s Use Case

1。令牌化和穩定劑正在恢復以太坊的用例

While Bitcoin has captured the ETF spotlight and Solana has lured retail traders, Ethereum’s fundamental use case has been largely overlooked, the report explains. However, the analysts stress that the narrative around tokenized assets and stablecoins is now coming to the fore, and it's placing Ethereum in a critical role.

報告解釋說，儘管比特幣吸引了ETF聚光燈，而索拉納（Solana）吸引了零售商人，但以太坊的基本用例在很大程度上被忽略了。但是，分析人士強調，圍繞令牌化資產和穩定的敘事的敘事現在即將脫穎而出，這使以太坊扮演著關鍵的角色。

Payment giant Stripe’s $1.1 billion acquisition of stablecoin platform Bridge and Meta’s renewed stablecoin efforts attest to the fact that the next big cycle might be driven by stablecoin payments and tokenized securities, not just store-of-value narratives.

Payment Giant Stripe對Stablecoin Platform Bridge的11億美元收購以及Meta的新Stablecoin努力證明了一個事實，即下一個大周期可能是由Stablecoin付款和標記證券所驅動的，而不僅僅是價值敘事。

In this context, Ethereum currently hosts 51% of all stablecoins and is the dominant chain for tokenized asset deployments from traditional finance players like BlackRock (NYSE:BLK) and Franklin Templeton. With the real-world tokenization market now valued at $22 billion, ETH is becoming the backbone of the new financial infrastructure.

在這種情況下，以太坊目前擁有所有Stablecoins的51％，並且是來自貝萊德（NYSE：BLK）和富蘭克林·鄧普頓（Franklin Templeton）等傳統金融公司的標記資產部署的主要鏈。隨著現實世界中的代幣化市場的價值為220億美元，ETH已成為新金融基礎設施的骨幹。

2. Ethereum Layer 2s Are Gaining Real Institutional Traction

2。以太坊2層正在獲得真正的機構牽引力

Skeptics often argue that Layer 2s don’t significantly boost the value of ETH. But Bernstein’s data tells a different story: networks like Base, which generated $84 million in revenue last year, are proving the value of Ethereum as the settlement layer for an institutional-grade infrastructure.

懷疑論者經常認為，第2層不會顯著提高ETH的價值。但是伯恩斯坦的數據講述了一個不同的故事：去年產生了8400萬美元的收入的網絡，正在證明以太坊作為機構基礎設施的結算層的價值。

The report further mentions that Robinhood’s (NASDAQ:HOOD) acquisition of WonderFi, which operates an Ethereum Layer 2, would allow brokers to issue tokenized equities directly on Layer 2 networks. As these solutions consume ETH for gas, they continue to build structural demand for Ethereum across the financial stack.

該報告進一步提到，Robinhood（NASDAQ：HOOD）對操作以太坊第2層的Wonderfi的收購將使經紀人可以直接在第2層網絡上直接發布令牌股票。當這些解決方案消耗ETH的天然氣時，它們繼續在整個金融堆棧中建立對以太坊的結構需求。

3. Short Covering Is Fueling a Tactical Price Squeeze

3。短覆蓋物正在加油戰術價格擠壓

For months, ETH has been the hedge of choice in delta-neutral crypto strategies, with funds holding BTC and SOL long and shorting Ethereum. But as the narrative shifts and Ethereum reclaims its position as the platform of choice for real-world assets, stablecoins, and institutional finance, short sellers are exiting their trades.

幾個月以來，ETH一直是三角洲中立加密策略的首選對沖，資金持有BTC和Sol Long和Shorting Ethereum。但是，隨著敘事的轉變和以太坊恢復了其作為現實世界資產，穩定幣和機構融資的首選平台的地位，賣空者正在退出其交易。

Bernstein sees this short squeeze as a key factor behind ETH’s recent outperformance, calling it a “tactical unwind” that could push prices even higher.

伯恩斯坦（Bernstein）認為，這種短暫的擠壓是ETH最近超越表現的關鍵因素，稱其為“戰術上的放鬆”，可以推動價格更高。

Outlook: Ethereum’s Comeback Benefits the Whole Market

展望：以太坊的複出使整個市場受益

In conclusion, Bernstein's analysis underscores that Ethereum's rally is not an isolated event. A broader altcoin surge, spearheaded by Ethereum, is revitalizing crypto trading activity. This development bodes well for exchanges, brokerages, and retail platforms, all of which benefit from increased trading volumes and broader market participation.

總之，伯恩斯坦的分析強調了以太坊的集會不是一個孤立的事件。以太坊率領的更廣泛的山寨幣激增正在振興加密貨幣交易活動。這一發展非常適合交流，經紀和零售平台，所有這些都受益於增加的交易量和更廣泛的市場參與。

If current trends persist, Ethereum could finally escape its "stuck in the middle" label and reclaim its position as crypto's most versatile and valuable platform.

如果當前的趨勢持續存在，以太坊最終可以逃脫其“卡在中間”標籤上，並恢復其作為加密貨幣最廣泛和最有價值的平台的地位。