Ethereum has always been an anomaly, sitting somewhere between Bitcoin’s golden store-of-value legitimacy and every other crypto token in existence. It’s certainly in a league of its own compared to most other tokens — but hasn’t had its Bitcoin moment quite yet.
At the start of every new year, Decrypt investigates the questions and themes likely to define the next 12 months. We’ve already asked whether crypto will finally pass a market structure bill, whether Wall Street will become the industry’s next nemesis, and if 2026 is likely to devolve into a crypto winter.
Today, we ask, if we dare: will 2026 finally be the year Ethereum starts to significantly grow in value?
Some are saying yes.
“It’s now,” Vivek Raman, co-founder of Ethereum-focused Wall Street firm Etherealize, told Decrypt of the network’s long-anticipated mass adoption moment. “And I don’t say that lightly.”
Raman has seen Wall Street giants flock to Ethereum this year in droves, and anticipates that ETH will soon become the “default asset” of an increasingly on-chain traditional economy.
After 10 years of waiting, that “hockey stick adoption moment” is finally here, he said.
As tokenized assets become increasingly mainstream, and institutions become increasingly sophisticated in engaging with them, such developments could unlock additional billions of dollars in value within the Ethereum ecosystem.
“Tokenizing a Treasury bill was 2024,” James Smith, the Ethereum Foundation’s head of ecosystem, told Decrypt. “Making it work inside DeFi is 2026.”
Smith predicts assets tokenized merely as a novelty will fade next year, as “assets that generate yield or serve as DeFi collateral attract capital.”
Such developments could dramatically increase the amount of capital flowing through Ethereum — and thus, ETH’s value as the engine of a network underpinning not just DeFi, but greater portions of the traditional economy.
While that process could begin next year, though, don’t expect ETH to catch up to BTC by next Christmas — or anything close to such an outcome.
“ETH, in the end, is going to elevate to becoming a store of value alongside Bitcoin,” Etherealize’s Raman said. “But it’s basically five years before where Bitcoin’s inflection point was.”
