Ethereum surpasses 2021 all-time high, but without retail mania: the 2025 rally is driven by ETFs, corporates and financial infrastructures, with ETH increasingly being used as a performance and tokenization engine.
An analysis of the returns of Bitcoin, Ethereum, BNB, Litecoin and Monero shows that the 'Santa Rally' is not guaranteed: rises only occur in positive macro phases.
In a sign of systemic stress, digital asset treasury (DAT) companies such as FG Nexus and ETHZilla liquidate millions of Ethereum to buy back shares at a steep discount to NAV.