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Can Ethereum’s Utility Make a Comeback Against Bitcoin?

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Ethereum (ETH) is still a leader in decentralized finance (DeFi) and smart contract applications, but it’s at a crossroads. The community has questioned Ethereum’s relevance in the shifting crypto industry, putting the altcoin’s future under intense scrutiny.

Mainstream narratives paint a dark picture of Ethereum’s developer exodus and underperformance.

Is Ethereum Getting Left Behind?

Critics reflect how Bitcoin’s ideological and political dominance, particularly after President Donald Trump’s pro-crypto stance, overshadowed Ethereum’s early promise of a global, decentralized computer.

Ethereum’s price downturn — down 44% in 2025 — is being driven by the exodus of developers, and network activity dropping 17% last year.

In contrast, Solana has spiked with an 83% uptick in developer engagement, partly driven by its adoption of meme coins and fast transaction speeds.

Standard Chartered analysts also cut their end-of-year Ether price forecast by 60%, based on what they told clients was Ethereum’s “identity crisis” and unclear direction forward.

Standard Chartered revises Ethereum forecast
Standard Chartered revises Ethereum forecast. Source: Standard Chartered Bank

Ethereum’s co-founder, Vitalik Buterin, acknowledged the growing criticism but rejected demands for quick fixes.

He reiterated Ethereum’s trajectory hinges on “long-term value” and real-world utility, not short-term speculation or political power.

“The only thing that can move Ethereum forward at this point is things that give long term value in a way where you can clearly see that the value is coming from a thing that is actually sustainable — like actual use for people,” Bloomberg reported citing Buterin.

Grassroots Push: Ethereum’s Loyalists See Opportunity

Despite growing critics, Ethereum’s most diehard supporters remain undeterred. They view the pessimism around the largest altcoin by market cap metrics as an inflection point for a turnaround.

“This is a bottom signal. Mainstream media almost always get the timing wrong,” a user on X remarked.

Ethereum Layer-2 (L2) solutions continue to dominate chain activity, while real-world asset (RWA) growth on Ethereum looks “exponential,” the user added.

Other users also reacted to the Bloomberg article, which renewed bullishness.

“Was starting to feel bearish but this post has me all bulled up again,” one added in a post.

These responses, among others, speak to Ethereum’s strong community, which has tended to shine in the face of adversity and innovation.

There is no political spectacle for Ethereum, unlike Bitcoin, with growth hinging on scalability and real-world use.

Recently, Buterin outlined a roadmap to Ethereum’s L2 ecosystem, calling for funding of open-source development to guarantee continued progress.

His vision is already coming to fruition as projects like Celo successfully transition to Ethereum layer-2 solutions. As BeInCrypto reported, Celo completed the migration after 20 months of testing, which aimed to improve scalability and transaction efficiency.

Adoption of Ethereum’s L2 scaling solutions, such as Arbitrum, Optimism, and Polygon, has also increased.

This aligns with Buterin’s perspective that sustainable blockchain growth comes from strengthened infrastructures, not hype-driven narratives.

These moves indicate that while speculation on Ethereum may be declining, long-term technological adoption could pick up the slack.

Can the Pectra Upgrade Flip the Narrative?

Likewise, Ethereum managed to overcome challenges through significant upgrades. Against that backdrop, its soon-to-be-released Pectra Upgrade could be revolutionary.

Though delays have frustrated some in the community, the upgrade is anticipated to offer improved security, transaction efficiency, and developer-friendly tools.

Ethereum’s continued commitment to innovation and ongoing testnet trials may be the perfect catalyst for reclaiming its DeFi throne. The network’s dominance in decentralized finance (DeFi) and NFT (non-fungible tokens) ecosystems proves particularly resilient.

Indeed, meme coins and speculative trading have shifted to faster chains such as Solana.

That said, when it comes to high-value applications, Ethereum is still at the heart of it all — from decentralized exchanges (DEXs)  to institutional-grade financial products.

The question now, however, is whether Ethereum’s focus on real-world adoption can preserve and outlast Bitcoin’s dominance in the halls of political and financial attention.

With the Pectra upgrade on the horizon and a community loyal to the chain’s dominance in the ecosystem, Ethereum may soon show again that its greatest strength lies not in the hype but in resilience and innovation.

Ethereum (ETH) Price Performance
Ethereum (ETH) Price Performance. Source: BeInCrypto

Despite community optimism, Ethereum’s price is down by 2.22% in the last 24 hours. BeInCrypto data shows ETH was trading for $1,842 as of this writing.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Strategy’s 12% YTD Yield and $555M Acquisition

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Welcome to the US Morning Crypto News Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee to see what experts say about Bitcoin’s (BTC) price amid recovery efforts. The status of Bitcoin as a hedge against inflation and economic uncertainty is progressively becoming questionable, with institutional influence adding to the concerns.

Can Strategy’s $555 Million BTC Purchase Send Bitcoin Past $90,000?

Michael Saylor, the chairman of Strategy (formerly MicroStrategy), revealed the firm’s latest Bitcoin purchase, comprising 6,556 BTC tokens worth approximately $555.8 million. With this, the firm has attained a Bitcoin yield of 12.1% year-to-date (YTD) in 2025.

“MSTR has acquired 6,556 BTC for ~$555.8 million at ~$84,785 per bitcoin and has achieved BTC Yield of 12.1% YTD 2025. As of 4/20/2025, Strategy holds 538,200 BTC acquired for ~$36.47 billion at ~$67,766 per bitcoin,” Saylor shared.

Strategy uses the Bitcoin Yield YTD to measure the BTC holdings per share increase. This model has been a key part of their financial strategy firm since their first Bitcoin purchase in August 2020.

This acquisition aligns with a bullish market sentiment for Bitcoin, which is steadily nearing the $90,000 milestone, as the recent US Crypto News indicated.

Bitcoin (BTC) Price Performance
Bitcoin (BTC) Price Performance. Source: BeInCrypto

Despite a mild recovery in Bitcoin prices this week, up by over 3% in the last 24 hours, it is worth noting that Bitcoin is highly sensitive to economic indicators.

Similarly, the global market is highly sensitive to monetary policies set by major economies, particularly the US. BeInCrypto contacted Paybis founder and CEO Innokenty Isers for insights on the current market outlook, particularly for Bitcoin.

“Given the strong concentration of investors in technology stocks, shifts in trade policies and government interventions that influence key indices like the Nasdaq Composite create ripple effects across financial markets,” Isers told BeInCrypto.

According to the Pybis executive, since the US Presidential inauguration, the outlook of Bitcoin has changed from a trusted hedge against inflation to a more risk-on asset.

“With its relatively higher volatility, risk-averse investors may favor alternative inflation hedges instead of Bitcoin,” he added.

Iners expressed cognizance of the longer stretch of the trade war and the potential inflation that will emerge. Based on this, he noted that capital allocation to Bitcoin as a hedge against economic instability might be reduced.

Strategy’s Stock Premium Narrows as Bitcoin Hype Cools

Meanwhile, Strategy has seen a significant shift in its stock valuation dynamics over the past year. Saylor recently revealed that as of Q1 2025, over 13,000 institutions and 814,000 retail accounts held MSTR directly.

“An estimated 55 million beneficiaries have indirect exposure through ETFs, mutual funds, pensions, and insurance portfolios,” Saylor added.

According to data on Bitcointreasuries.net, the premium investors once paid for exposure to its Bitcoin holdings has notably narrowed.

Specifically, the NAV multiplier, a measure of how much the stock trades above the value of Strategy’s Bitcoin assets, has decreased compared to last year. This indicates that MSTR is now trading closer to the actual value of its Bitcoin reserves.

In 2024, investors were willing to pay a substantial premium for MSTR shares, driven by Bitcoin’s hype and MicroStrategy’s aggressive accumulation strategy.

“I don’t know if buying strategy equity is a good idea for the government. The stock would just pump, and it’s likely trading at a premium over NAV with a higher risk profile. Also, I believe the gov will find it difficult to find institutions that would be willing to sell their BTC in large quantities,” an analyst said recently.

The shrinking NAV multiplier suggests a more cautious market sentiment. Analysts believe this reflects a shift toward valuing MicroStrategy based on its fundamentals rather than speculative Bitcoin enthusiasm.

This suggests a maturing market approach to the company’s unique investment strategy.

Chart of the Day

Strategy (MSTR) NAV multiplier
Strategy (MSTR) NAV multiplier. Source: Bitcoin treasuries

This chart shows how Strategy’s stock price (blue) moves with Bitcoin price (orange). When Bitcoin goes up, MicroStrategy usually follows, but it swings even more.

However, the NAV multiplier has narrowed compared to last year, meaning MicroStrategy’s stock is now trading closer to the actual value of its Bitcoin holdings.

Last year, investors paid a bigger premium for exposure to MSTR, but that gap has shrunk. This suggests a more cautious sentiment or a shift toward valuing the company based on fundamentals rather than just Bitcoin hype.

Byte-Sized Alpha

Crypto Equities Pre-Market Overview

Company At the Close of April 17 Pre-Market Overview
Strategy (MSTR) $317.20 $323.49 (+1.98%)
Coinbase Global (COIN) $175.03 $175.85 (+0.46%)
Galaxy Digital Holdings (GLXY.TO) $15.36 $15.12 (-1.41%)
MARA Holdings (MARA) $12.66 $12.83 (+1.34%)
Riot Platforms (RIOT) $6.49 $6.52 (+0.54%)
Core Scientific (CORZ) $6.61 $6.59 (-0.27%)
Crypto equities market open race: Finance.Yahoo

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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PI Token Price Faces Bearish Pressure, Risking a Drop to $0.40

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PI has been on a steady downtrend since February 26, shedding 72% of its value as bearish sentiment continues to weigh on the token.

Bearish pressure continues to mount on the PI token, suggesting that it may be poised to enter a new phase of decline. 

PI Network Risks Fresh Decline

An assessment of the PI/USD one-day chart reveals that token holders remain steadfast in their distribution. At press time, PI’s Balance of Power (BoP) is negative, reflecting the selling pressure in the market. 

PI BoP.
PI BoP. Source: TradingView

The BoP indicator measures the strength of buying versus selling pressure by comparing the close price to the trading range within a given period. When BOP is negative like this, it indicates that sellers are dominating the market, suggesting downward pressure on the asset’s price.

Further, the setup of PI’s Chaikin Money Flow (CMF) supports this bearish outlook. At press time, this is below the central line at -0.12.

PI CMF
PI CMF. Source: TradingView

The CMF indicator measures an asset’s buying and selling pressure. A negative CMF reading suggests that the asset is experiencing more selling pressure than buying pressure. This means PI traders are distributing rather than accumulating. This signals bearish sentiment and confirms the downward momentum in the token’s price.

Sellers Tighten Grip on PI, But Recovery to $1.01 Still on the Table

At press time, PI trades at $0.63, below the dynamic support formed above it at $0.93 by its Super Trend indicator. 

The Super Trend indicator helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility

When an asset’s price trades below the Super Trend line like this, it signals a bearish trend and hints at potential decline. If PI’s decline strengthens, it could revisit its all-time low of $0.40. 

PI Super Trend Indicator
PI Super Trend Indicator. Source: TradingView

However, if demand returns to the PI market, its price could break above the resistance at $0.86 and surge to $1.01. 

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Circle, BitGo, and Others Eye Bank Charters in US

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With support from Trump’s White House and easing regulations, firms like Circle and BitGo are pursuing becoming full-fledged financial institutions.

Reports indicate a new wave of crypto companies knocking on the once-closed doors of the American banking system. This time, someone is listening.

Crypto Firms Seek Bank Charters as Wall Street’s Doors Reopen

After years of being sidelined, crypto companies are coming back, this time through the front door of the US banking system.

Citing sources familiar with the matter, the Wall Street Journal revealed that several major players, including Circle and BitGo, are preparing to apply for bank charters or financial licenses.

Traditional banks are also responding to the shift. US Bancorp is re-launching its crypto custody program via NYDIG, while Bank of America (BofA) said it would issue its stablecoin once the legal framework is in place.

Even global giants are watching closely. A consortium including Deutsche Bank and Standard Chartered is evaluating how to expand crypto operations into the US.

While details remain scarce, the interest signals that crypto is no longer just a niche but a competitive frontier.

These firms reportedly aim to operate with the same legitimacy and access as traditional lenders. This includes holding deposits, issuing loans, and launching stablecoins under regulatory supervision.

The timing is not random. A sharp pivot in federal policy, driven by President Trump’s pledge to make the US a Bitcoin superpower, has reopened regulatory pathways once shut after the FTX collapse.

In parallel, Congress is advancing stablecoin legislation requiring issuers to secure federal or state licenses.

The push for bank status comes amid a broader effort to legitimize crypto within US finance. Earlier this year, regulators rolled back key restrictions. Among them, the SEC’s controversial SAB 121, which had blocked banks from holding crypto on behalf of clients.

Meanwhile, Federal Reserve (Fed) Chair Jerome Powell affirmed that banks could serve crypto customers provided proper risk management strategies exist.

In another regulatory green light, the Office of the Comptroller of the Currency (OCC) clarified that banks can offer stablecoin and custody services. However, this is provided they comply with established banking rules.

These signals have emboldened crypto firms previously kept at arm’s length. Anchorage Digital, the only US crypto-native firm with a federal bank charter, says the regulatory lift is massive but worth it.

“It hasn’t been easy… the whole gamut of regulatory and compliance obligations that banks have can be intertwined with the crypto industry,” Anchorage CEO Nathan McCauley reportedly admitted.

McCauley cited tens of millions in compliance costs. Nevertheless, Anchorage has since collaborated with BlackRock, Cantor Fitzgerald, and Copper for high-profile custody and lending programs.

BitGo, which will reportedly custody reserves for Trump-linked stablecoin USD1, is nearing a bank charter application.

Circle, the issuer of USDC, is also pursuing licenses while fending off competition, just like Tether. This is a traditional finance (TradFi) venture into stablecoins.

The firm delayed its IPO this month, citing market turmoil and financial uncertainty. However, insiders say regulatory clarity remains a top priority.

Firms like Coinbase and Paxos are exploring similar routes, considering industrial banks or trust charters to expand their financial offerings legally.

At the policy level, venture firm a16z has called on the SEC to modernize crypto custody rules for investment firms, reflecting the industry’s hunger for clarity and parity.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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