Retail investors have abandoned Ethereum, with social engagement collapsing to 2020 levels while institutional adoption accelerates, creating a fundamental divergence in how different market participants value the asset.

"Intchains said it no longer anticipates 'material additional accumulation' of cryptocurrency as it prioritizes capital for developing and commercializing its next-generation ASIC and exploring AI opportunities."

"social mentions of Ethereum have fallen to roughly 40,000, a level last recorded in 2020 when Wall Street did not know the chain existed, and the loud consumer corners of the ecosystem, NFTs above all, have gone quiet enough to hear the servers hum."