2025-12-25 14:21:18

The market landscape in 2025 is quite interesting. Traditional precious metals like gold and silver have soared all the way up, but digital assets are singing a different tune.

Although Bitcoin hit a historic high of $126,000 earlier this year, which sounds impressive, the correction starting in October completely slapped that away—the full-year gains were wiped out, and the annual line closed down by 6%. Looking at the past decade, only 2018, 2022, and 2025 have ended with declines; this year is indeed quite tough.

Ethereum's situation is even more difficult. The annual decline exceeded 12%, and even though it broke the previous high of 4950, it only just surpassed the last bull market's high of 4860, so there's no real market rally underway.

But there's a very strange phenomenon here. On-chain data for Ethereum should logically reflect price movements, but now the on-chain activity is so "prosperous" that it’s hardly an exaggeration—various traditional capital is trading on the chain, and the trend of everything going on-chain and tokenization is becoming increasingly obvious. The data is hot, but the price is cold, which is indeed abnormal.

Interestingly, 2026 seems to be worth more anticipation. As the tokenization process deepens, infrastructure layers like Ethereum will enter a true value release period. It is entirely possible that it will become the core of the next-generation internet infrastructure, or even the only project with a chance to surpass Bitcoin in market cap. The market is always re-pricing, and the current silence may just be a buildup.

BTC0,69%

ETH0,26%

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DefiPlaybook

· 2025-12-28 14:03

Data hot, prices cold, a typical symptom of lagging effects. On-chain activity soars but the coin price doesn't rise; this round, the infrastructure is taking the hit [Dog Head] --- Once again, precious metals rise while digital assets fall. Traditional capital is really playing the seesaw game --- Starting at $126,000, ending the year down 6%? This pace is truly a bit desperate --- Ethereum hits a new high but still drops 12%, hilarious—that's what real "artificial high" looks like. Let's wait until tokenization truly gains volume before judging --- Honestly, on-chain TVL is so hot, but it can't support the coin price; gas fees must be going crazy. What about arbitrage opportunities? --- Tokenization of everything is the right big direction, but now to buy the dip in Ethereum? Wait and see, don't be fooled by the data boom --- This wave is a bit like the early days of liquidity mining, with fake data flying everywhere. You need to verify the actual on-chain transaction volume yourself --- Bitcoin's annual line shows negative returns? Three times in ten years, 2025 indeed shows "player-level" declines --- Releasing value at the infrastructure layer? Sounds good, but think about it—how much real application volume is needed to support it? --- Ethereum has always been dreaming of infrastructure; wake up, first lower those gas fees [Dog Head]

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RugpullTherapist

· 2025-12-27 15:18

Data hot, prices cold, this is just outrageous --- Another year of "accumulation"? I'm already tired of hearing it --- Ethereum chain prosperity? My holdings are still in hell --- The tokenization of everything is coming, why is my wallet still cold --- Waiting until 2026? I’m afraid I’ll be waiting until bankruptcy --- Bitcoin slaps in the face, Ethereum drops over 12%, truly impressive --- On-chain data is deceptive, just look at the wallet --- This article gives me the feeling of rehashing old news --- Core infrastructure? Save the price first before bragging

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DAOplomacy

· 2025-12-25 14:47

tbh the on-chain activity vs price disconnect is giving path dependency vibes... like yeah tokenization's accelerating but that doesn't necessarily resolve the underlying incentive misalignment between infrastructure adoption and actual price discovery mechanisms. call it capitulation theater if you want

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SmartContractWorker

· 2025-12-25 14:35

Data is hot, prices are cold, this contrast is truly remarkable, and it feels like the market is still in the bargaining stage. --- Those who escaped the top at 126,000 have all made profits; those who didn't escape are really suffering now. --- Ethereum is thriving on-chain but its price is stagnant. What does that mean? It means it's not time for it to take off yet. --- The story of 2026 is well told, but who still dares to go all in now? --- Gold and silver prices surged while the crypto circle sang the opposite tune. Has the trend really changed? --- A 6% decline in the annual line isn't a big deal; the key issue is the collapse of confidence. --- On-chain data is so hot, but prices are still cold? Either the data is fake or it's still in the accumulation phase. --- Wait a minute, could Ethereum surpass Bitcoin? I've heard this argument too many times. --- All things are moving towards tokenization, yet coins are still falling. This logic doesn't add up. --- What about 2026? According to this pattern, next year we should be disappointed again.

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WalletDoomsDay

· 2025-12-25 14:25

Data hot, prices cold, this contrast is quite stark. It feels like the market is still sleeping.

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