On March 25, according to the Financial Times, Geoff Kendrick, digital asset research head at Standard Chartered Bank, stated that Ethereum is experiencing a "midlife crisis", still groping forward during its technical upgrade to enhance broader audience appeal. In the past three months, ETH price has dropped by 40%, and tokens promoted by Trump and Argentine leader Milei are using the Solana blockchain.

Kaiko research analyst Adam McCarthy believes that Ethereum is not interesting to most people. Compared to Bitcoin, which has already established the narrative of digital gold, Ethereum has failed in its native domain, and ETF flows also show its lack of widespread appeal.