ZFX山海证券:以太坊长线看涨至4万美元

Core Viewpoint - The cryptocurrency market is undergoing structural adjustments, with a noticeable divergence among mainstream tokens. Ethereum is showing long-term potential to surpass Bitcoin due to its strong foundation in decentralized applications, despite short-term price fluctuations [1][2]. Industry Dynamics - Ethereum's competitive advantage is widening, maintaining its dominance in stablecoins, real-world asset (RWA) tokenization, and DeFi, unaffected by market volatility. Large enterprises, exemplified by Bitmine Immersion, continue to accumulate Ethereum despite a slowdown in overall spot ETF inflows [3]. - The Ethereum mainnet's expansion plan is expected to increase throughput tenfold, which is widely regarded as a key driver for achieving a future target price of $4,000 [3]. Macro and Regulatory Environment - Improvements in the macro and regulatory environment are instilling confidence in the market. The U.S. Congress is working on the CLARITY Act and related regulatory frameworks, which are expected to lower the barriers for institutional investors entering the DeFi space [4]. - The clarity in policy is seen as a "golden key" to unlocking Ethereum's value. While Bitcoin is consolidating between $9,000 and $9,300, Ethereum is steadily progressing towards its long-term growth objectives through technological iterations and ecosystem development [4]. - The narrative in the crypto market is shifting from merely being a store of value to a multifunctional application platform. Although Bitcoin's performance will continue to dominate market sentiment in the short term, Ethereum's structural advantages provide greater investment flexibility in the long run [4].