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though is Ethereum, which peaked just below 5K in Q3, barely above its November 2021 all-time high. ETH then fell 28% in Q4, ending the year down 11% overall. This is believed to be due to Ethereum ETFs flipping from net inflows in Q3 to net outflows in Q4 and slower accumulation by Ethereum DATs. Notably, ETH bounced in early December after the Fusaka upgrade was successfully deployed, but the rally was short-lived due to the overwhelmingly bearish market conditions. Still, the upcoming Glamsterdam and Higota upgrades this year could spark potential pumps. From our perspective, Ethereum still has some upside potential in 2026. In fact, the report highlights that transaction counts in Ethereum's EVM ecosystem surged 90% in 2025. This includes EVM compatible chains like BNB Smart Chain, Base, and Tron, the three of which dominated the EVM ecosystem. Ethereum itself ranked ninth, which the report says quote highlights Ethereum's role as a settlement layer, while layer 2's handle the bulk of common transactions. Next, the report zooms in on the Ethereum ETFs, which saw their strongest quarter ever in Q3 with over $9 billion in net inflows, followed by 1.5 billion in outflows in Q4, which
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