根据伯恩斯坦的说法

在本周期的大部分时间里，在落后比特币和更快的第1层之后，以太坊（ETH）卷土重来了。

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.

据贝尔斯坦（Bernstein）的分析师称，在本周期的大部分时间里，以太坊（ETH）落后于比特币和更快的第1层之后，据贝尔斯坦（Bernstein）的分析师称，以太坊（ETH）陷入了强大的复出，这是由于三个重大转变的推动力，这些转变正在改变其在加密生态系统中的作用。

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.

随着世界第二大加密货币继续最近的激增，Gautam Chhugani和Bernstein的团队突出了三个关键趋势，这些趋势将以太坊推向了Crypto Landscape的最前沿。

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

1。令牌化和稳定剂正在恢复以太坊的用例

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.

报告解释说，尽管比特币吸引了ETF聚光灯，而索拉纳（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，分析人士强调，围绕令牌化资产和稳定的叙事的叙事现在即将脱颖而出，这使以太坊扮演着关键的角色。

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对Stablecoin Platform Bridge的11亿美元收购以及Meta的新Stablecoin努力证明了一个事实，即下一个大周期可能是由Stablecoin付款和标记证券所驱动的，而不仅仅是价值叙事。

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.

在这种情况下，以太坊目前拥有所有Stablecoins的51％，并且是来自贝莱德（NYSE：BLK）和富兰克林·邓普顿（Franklin Templeton）等传统金融公司的标记资产部署的主要链。随着现实世界中的代币化市场的价值为220亿美元，ETH已成为新金融基础设施的骨干。

2. Ethereum Layer 2s Are Gaining Real Institutional Traction

2。以太坊2层正在获得真正的机构牵引力

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.

怀疑论者经常认为，第2层不会显着提高ETH的价值。但是伯恩斯坦的数据讲述了一个不同的故事：去年产生了8400万美元的收入的网络，正在证明以太坊作为机构基础设施的结算层的价值。

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.

该报告进一步提到，Robinhood（NASDAQ：HOOD）对操作以太坊第2层的Wonderfi的收购将使经纪人可以直接在第2层网络上直接发布令牌股票。当这些解决方案消耗ETH的天然气时，它们继续在整个金融堆栈中建立对以太坊的结构需求。

3. Short Covering Is Fueling a Tactical Price Squeeze

3。短覆盖物正在加油战术价格挤压

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.

几个月以来，ETH一直是三角洲中立加密策略的首选对冲，资金持有BTC和Sol Long和Shorting Ethereum。但是，随着叙事的转变和以太坊恢复了其作为现实世界资产，稳定币和机构融资的首选平台的地位，卖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）认为，这种短暂的挤压是ETH最近超越表现的关键因素，称其为“战术上的放松”，可以推动价格更高。

Outlook: Ethereum’s Comeback Benefits the Whole Market

展望：以太坊的复出使整个市场受益

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.

总之，伯恩斯坦的分析强调了以太坊的集会不是一个孤立的事件。以太坊率领的更广泛的山寨币激增正在振兴加密货币交易活动。这一发展非常适合交流，经纪和零售平台，所有这些都受益于增加的交易量和更广泛的市场参与。

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.

如果当前的趋势持续存在，以太坊最终可以逃脱其“卡在中间”标签上，并恢复其作为加密货币最广泛和最有价值的平台的地位。