Odaily Report: Fidelity Digital Assets stated in its 2025 outlook report that Ethereum has advantages, but also acknowledged the growth of . The report emphasized Ethereum's strong fundamentals, including developer activity, TVL, and stablecoin supply. While 's revenue and TVL growth are faster, most of its revenue comes from coin trading, which Fidelity believes is a cyclical trend that thrives in bull markets but gradually fades in bear markets. The report also pointed out that 's dependence on coins is similar to Ethereum's extensive use of . However, the company believes that Ethereum's fundamentals are less associated with speculation, and therefore more stable in the long run, and these fundamentals can guide long-term investors, but may not be able to predict short-term performance. Fidelity stated: "Short-term price trends often revolve around narratives, and considering the planned upgrades of the two networks, may become a more prominent competitor in 2025." 's Firedancer upgrade aims to significantly increase transaction speed, while Ethereum's Prague/Electra (Pectra) upgrade focuses on improving functionality, scalability, and user security. However, Fidelity believes that the Pectra upgrade may not generate much interest in the community, as from an investment perspective, it will not directly impact the value proposition of .