I remain long-term bullish on ETH, but I am not an unthinking “ETH maxi”—I base my judgment on reason, probability, and odds. ETH must overcome two major challenges: L1 value capture and L2 liquidity fragmentation, alongside the need to foster widespread application adoption. But if real-world narratives like AI agent economies, stablecoin payments, and on-chain finance truly take off, the upside could far exceed imagination. My support for Ethereum is not based on its current price, but on its foundational logic of “decentralization + security + trustlessness”—this is its greatest moat, and so far, it far surpasses all other crypto projects. Regarding the influence of Vitalik, the Ethereum Foundation, DAT companies (e.g., Bitmine), and Wall Street, here are multiple perspectives—this is just one viewpoint: 1. Vitalik (@VitalikButerin) is a visionary whose historical standing in crypto is second only to Satoshi. However, in today’s era, he faces tension between idealism and pragmatism. Vitalik remains the spiritual core of Ethereum. His renewed emphasis in 2026 on core crypto values—trustlessness and decentralization—highlights Ethereum’s most competitive edge:宁愿发展慢些，不能丢 (better to grow slowly than compromise). He refuses to sacrifice these principles for short-term adoption—a stance worthy of admiration. Roadmaps like Pectra/Glamsterdam and ZK-EVM all align with this vision, while he also closely follows AI, privacy, and L2 re-architecting. That said, during this cycle, there have been shortcomings in governance and L2 development, allowing competitors who were never true rivals to gain ground. Overall, Vitalik remains clear-headed—he has not allowed Ethereum to sacrifice security for speed, unlike other blockchains. 2. The Ethereum Foundation remains necessary for now, as Ethereum’s roadmap is far from reaching a stage where it can operate entirely autonomously. However, its influence is gradually declining. As a nonprofit, the EF funds core development, research, and community initiatives—and has done substantial practical work, often incorporating community feedback. It has staked nearly 700,000 ETH and uses the yield to support future R&D. Still, after the kelp incident, its decision to sell ETH drew widespread community criticism. This is understandable: while other DeFi projects and founders donated ETH to rescue users, the EF did not push solutions—and chose to sell at a critical moment. In the long term, the EF’s diminishing influence is healthy. Its ETH holdings continue to decline (already a very small percentage of total supply); from a liquidity standpoint, its sales have negligible market impact—current effects are mostly psychological. This signals greater decentralization: the ecosystem is increasingly driven by L2 teams, developers, and institutions. Until key roadmap milestones like quantum resistance or ZK-VM are fully realized, the EF remains necessary—but it should not be the sole guardian. True protection must come from Ethereum’s protocol-level economic incentives and community consensus. 3. DAT Companies (e.g., Bitmine) These are institutional capital players—a new force in this cycle—bringing tangible demand. As of April 2026, Bitmine holds nearly 5 million ETH (~4.1% of total supply), targeting 5%, and stakes heavily via its proprietary MAVAN validator network, generating hundreds of millions in annual yield. Bitmine’s strength lies in applying Wall Street’s “corporate treasury strategy” (modeled after MicroStrategy’s BTC accumulation) to ETH—not just buying, but staking and actively participating in the protocol. This strengthens Ethereum’s security and liquidity, helping shift ETH from a speculative asset toward a productive infrastructure. 4. Finally, Wall Street’s influence: a double-edged sword. Wall Street now views Ethereum as a “financial backend,” not merely a speculative asset. ETH spot ETF inflows provide institutional-grade access and price support. Wall Street institutions are actively advancing real-world asset tokenization—all running on Ethereum. In the future, as treasuries, real estate, and private equity go on-chain, ETH will lock in massive liquidity. Institutional actors clearly distinguish between BTC (store of value) and ETH (programmable settlement layer + stablecoin/AI payment infrastructure). Of course, there are downsides: centralization pressure from large stakers, regulatory uncertainty, etc. Overall, Wall Street’s capital brings real demand and legitimacy—helping Ethereum overcome the mountain of L1 value capture. 5. Complementary Forces Vitalik + the Ethereum Foundation represent Ethereum’s “cypherpunk soul” (decentralization, long-termism). DAT companies like Bitmine + Wall Street represent “institutional realism” (scale, adoption, yield). These forces complement each other: the former preserves Ethereum’s authenticity; the latter enables real-world scalability. Over the next 2–3 years, success hinges on whether L2s synergize effectively with L1—and whether AI, stablecoins, and asset tokenization achieve real adoption. If successful, ETH will become true financial infrastructure. If it remains fragmented or risks centralization, it will lose ground to competing chains.