Chainfeeds Introduction:
When ETH breaks through 3400, and the ETH/BTC exchange rate breaks through the 0.026 resistance, no one expected that ETH could change hands.
Article Source:
https://x.com/BlockBeatsAsia/status/1945782157642985574
Article Author:
BlockBeats
Perspective:
BlockBeats: In the first half of 2025, Ethereum's price dropped from $4000 to $1500, triggering widespread market doubts about its value. Looking back, this sharp decline was not a simple market sell-off, but more like a carefully planned wash-out. On-chain data shows that despite the continuous price drop, Ethereum's Herfindahl-Hirschman Index (HHI) was rapidly rising, indicating that chips were concentrating. ETH flowing out from retail investors was quietly collected by a few large holders. This structural change of hands is identical to traditional stock markets, with typical signs being extremely low sentiment, chaotic market voices, while main funds complete their positions in silence. Wall Street is conducting ETH asset allocation through channels like PIPE financing, with small-cap US stocks, from SBET to BMNR, BTCS, BTBT and other companies successively announcing Ethereum strategic holdings, forming a clear relay effect. These actions are not independent events, but a process of "second narrative" reconstruction driven by Ethereum OGs and traditional financial capital. At a time when "ETH has no story to tell", they chose to re-endow ETH with new reasons for rising through structured financial logic. This is a transfer of discourse power from retail investors and KOLs to professional players who understand finance and positioning rhythm. On the surface, Ethereum's strategic reserve narrative looks like "Wall Street discovers ETH's value", but in reality, this round of "changing hands" is led by Ethereum OGs and crypto institutions. Familiar crypto giants like Pantera Capital, Galaxy Digital, ConsenSys, and Founders Fund have appeared in investment lists of companies like SBET and BitMine. ConsenSys founder Joseph Lubin even directly serves as SharpLink's board chairman, while Founders Fund not only indirectly holds ETH through BitMine but also lets partner Tom Lee become the financial spokesperson. BTCS has proposed a "DeFi + TradFi" hybrid structural model, buying ETH through listed companies' convertible bonds and ATM financing, and conducting on-chain staking and revenue management to build stable on-chain cash flow. Behind these institutions lies control not just of ETH itself, but also narrative, media, and market discourse power. To some extent, they are not new players, but the core "old hands" of Ethereum returning in a different way, packaging ETH as a "financial instrument" and reselling it through US stock capital markets and on-chain structured products. This round is not a victory of retail consensus, but a structural reconstruction under OG collusion. Ethereum's "changing hands" is not just a replacement of token holders, but a systematic transformation of narrative approach. Previously, ETH's rise depended on technological innovation and narratives of DeFi, Non-Fungible Token, L2, etc. When these stories become weak, ETH's financial attributes are reactivated. From deflationary mechanisms and staking rate increases to L2 cost reductions and Rollup advancement, Ethereum's on-chain fundamentals have not collapsed. However, narrative dominance has shifted from developers and community KOLs to financial institutions that can explain structural returns and cash flow models. Strategic ETH Reserve data shows over 50 strategic reserve companies holding more than $4 billion in ETH, controlling over 1% of circulating supply. These companies are no longer speculating on concepts but using Wall Street tools like S-3 registration, PIPE financing, and structured notes to go long on ETH. This means Ethereum is transforming from a "consensus asset" to a "collusion asset" - not just with broad recognition, but with pricing structure and capital organization capabilities. This new ETH under traditional financial logic is a quasi-government bond asset in institutional investment portfolios, a new product combining decentralized narrative with TradFi architecture. ETH's essence hasn't changed, but the storytellers and their language have. This time, Ethereum is no longer just a representative of technical paradigms, but is moving towards a new paradigm of being structurally repriced.
Content Source
