Latest data confirms the strong performance of the mainnet by the end of 2025. Ethereum L1 mainnet leads the global major public chains with approximately $4.2 billion in net inflows, and this achievement is no coincidence.

The fund flow across the entire ecosystem last year was quite interesting——the public chain sector attracted over $64 billion in total inflows, while about $60 billion flowed out. It seems evenly matched on the surface, but there are underlying currents: funds from Layer 2 solutions (such as certain secondary expansion schemes) are gradually flowing back to the mainnet. This reflects a rational market return—high-net-worth liquidity ultimately concentrates in the safest and most decentralized settlement layer.

Actions by enterprises and institutions further illustrate the point. By the end of the year, the total Ethereum holdings of listed companies' treasuries and crypto ETF products exceeded 10 million coins. This is not just a number; it’s a vote of confidence in the mainnet’s role as a global value storage and clearing hub.

From a price perspective, current prices may not fully reflect these fundamental changes. One perspective worth considering is: the threshold for mainstream coins has become quite high, but opportunities below $3,000 might be more scarce than imagined.