Bernstein: The three major factors driving the rise of ETH are the stablecoin and tokenization boom, Layer 2 institutionalization, and ETH short position closing

According to Foresight News, according to The Block, Ethereum has performed poorly overall in this cycle, but its price has suddenly risen by 65% in the past 30 days, nearly 100% since its April low. Bernstein's analysts outlined three factors behind this rise: the stablecoin and tokenization boom, Layer 2 institutionalization, and ETH short selling. Analysts say that this cycle is expanding beyond value storage use cases, refocusing on underlying blockchain, and Ethereum, which accounts for 51% of the total supply of stablecoins, is becoming a key platform representative of this growth trend. Traditional financial giants such as BlackRock and Franklin Templeton are also pushing for the adoption of the real-world asset tokenization market, which is currently worth over $22 billion, with Ethereum once again dominating. In addition, Ethereum Layer 2 plays an increasingly important role in institutional encryption infrastructure. The third driving factor behind ETH's recent outstanding performance is more tactical. In the past 12 to 18 months, cryptocurrency hedge funds have frequently used ETH as a delta neutral hedge tool - long BTC and SOL, while short ETH. But they say that as the market narrative shifts towards institutional adoption of blockchain and stablecoin payments, as well as uses beyond its value storage function, the rationale for ETH's poor performance is becoming increasingly difficult to prove.