Analysis: Ethereum appears undervalued after underperforming Bitcoin for five years; the interplay between recovery and structural weakness intensifies.

CoinFeed reported on April 5th that 10x Research published an article on the X platform stating that Ethereum has essentially been a "non-yielding asset" for the past five years, with its price hovering around $2,000. Since November 2025, they have maintained a cautious or even bearish view, primarily due to persistently low on-chain activity, limiting demand and value capture capabilities. However, with ETH having retraced approximately 57% from its August 2025 high, its current valuation appears relatively cheap, making it more attractive compared to Bitcoin, which has only fallen by about 42% during the same period. Despite Ethereum funding instruments, including Bitmine, incurring approximately $8 billion in paper losses, the market continues to accumulate.