Ethereum climbs 3% on tokenization boom: Can bulls push ETH price past $1,800?

Despite strong tokenization gains and institutional accumulation, weak onchain and derivatives data leaves ETH vulnerable to a $1,700 retest.
Ether (ETH) price gained 3% between Thursday and Friday, outperforming the broader crypto market. The move ties to growing tokenization, Robinhood Chain’s success, and ongoing corporate treasury purchases. However, ETH failed to break above $1,800 amid weak onchain and derivatives metrics. Is Ether price bound to retest $1,700?
Key takeaways:
- Ethereum leads RWA tokenization while Robinhood Chain drives fresh ETH inflows and ecosystem growth.
- Mixed signals persist as BitMine accumulates heavily, yet stagnant onchain metrics signal caution.
Robinhood Chain and tokenization growth boost ETH price
The successful launch of the layer-2 network Robinhood Chain has boosted Ether investors’ sentiment. The newly launched blockchain uses ETH as its native gas token and has netted $106 million in bridge deposits. The TradFi trading platform Robinhood offers tokenized stocks to customers in 120 countries, further strengthening the EVM-compatible ecosystem.
Distributed tokenized assets value per chain, USD. Source: rwa.xyz
Ethereum dominates the RWA (real-world assets) market with a 47% market share, according to Rwa.xyz data. Excluding stablecoins, notable highlights include SKY’s Tether Gold (XAUT), Ondo US Dollar Yield (USDY), and Franklin Templeton’s government bonds (iBENJI). Leaders among tokenized stocks include Strategy’s PP variable (STRCx) from xStocks and Circle Group (CRCLon) from Ondo.
Source: X/LeonWaidmann
Leon Waidmann, head of Research at Lisk, noted that for the first time in history, the Total Value Locked (TVL) on Ethereum at $260 billion surpassed the market cap of Ether, currently at $210 billion. According to Waidmann, this distortion signals that “ETH is underpriced,” as the current relative valuation is lower than in the 2022 bear market.
Weak onchain and derivatives metrics limit Ether’s upside
Regardless of the growing adoption of Ethereum’s layer-2 solutions and the institutional inflows, onchain metrics point to overall stagnation. The 2026 bear market has hurt blockchain demand, while competing blockchains gained ground in specific sectors, including synthetic perpetual futures and automated yield vaults.
Ethereum weekly DApps revenue, USD (left) vs. active addresses (right). Source: DefiLlama
Decentralized applications (DApps) on Ethereum generated $11 million in weekly revenue, down from $20 million in the first quarter of 2026. Notable mentions include Sky at $3.1 million, Titan Builder with $2.4 million, and Chalink’s $1.1 million. Similarly, active addresses dropped to 3.2 million from 5.4 million in the first quarter, according to DefiLlama.
ETH perpetual futures annualized funding rate. Source: Laevitas
Meanwhile, ETH's perpetual futures annualized funding rate dropped to 3% on Saturday, below the 6% neutral threshold signaling weak demand for bullish positions. Current data contrasts with the peak 12% levels from Friday, suggesting that bulls lack confidence. However, institutional inflows likely explain the latest price gains.
Source: X/Arkham
Arkham Intelligence flagged an ETH 20,500 withdrawal on Thursday worth $36 million from Galaxy Digital to a new wallet, a pattern that matches previous Tom Lee’s BitMine Immersion (BMNR US) purchases. BitMine added ETH 198,370 in the past 30 days alone, while the treasury company now holds $10.3 billion in reserves.
Ultimately, mixed signals from strong fundamentals and weak onchain metrics do not justify a retest of the $1,700 level, especially when considering BitMine's impressive accumulation pace.
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Facts Only

* Ethereum price gained 3% between Thursday and Friday.
* The gain is tied to growing tokenization, Robinhood Chain's success, and corporate treasury purchases.
* Ethereum holds a 47% market share in the RWA market according to Rwa.xyz data.
* Notable tokenized assets include SKY’s Tether Gold (XAUT), Ondo US Dollar Yield (USDY), and Franklin Templeton’s government bonds (iBENJI).
* Total Value Locked (TVL) on Ethereum reached $260 billion, surpassing the market cap of Ether at $210 billion.
* Decentralized applications (DApps) on Ethereum generated $11 million in weekly revenue, down from $20 million in Q1 2026.
* Active addresses on Ethereum dropped to 3.2 million from 5.4 million in Q1 2026.
* The ETH perpetual futures annualized funding rate dropped to 3% on Saturday.
* Galaxy Digital withdrew $36 million worth of ETH to a new wallet on Thursday.
* BitMine added 198,370 ETH in the past 30 days and holds $10.3 billion in reserves.

Executive Summary

Ethereum price increased by 3% between Thursday and Friday, driven by tokenization growth, the success of Robinhood Chain, and corporate treasury purchases. Despite these gains, weak onchain and derivatives data suggest vulnerability for the price to retest $1,700. Ethereum leads the Real-World Asset (RWA) tokenization market with a 47% share, featuring assets like Tether Gold and government bonds. The growth in the EVM-compatible ecosystem is supported by the layer-2 network Robinhood Chain, which attracts $106 million in bridge deposits. However, stagnant onchain metrics, such as DApp revenue decline and lower active addresses, combined with a drop in the ETH perpetual futures funding rate to 3% (below the 6% neutral threshold), indicate weak demand for bullish positions despite recent price action.

Full Take

The narrative presents a tension between tangible asset growth and underlying network activity. The valuation disparity where TVL exceeds market capitalization suggests a potential structural imbalance that requires deeper scrutiny regarding what constitutes "value" in the tokenized ecosystem versus onchain utility metrics. While institutional accumulation signals confidence, the simultaneous weakening of derivatives sentiment—evidenced by the funding rate dropping below neutrality despite price movement—suggests this accumulation is not translating into robust bullish conviction among market participants. The contrast between high-level asset deployment (RWA tokenization) and stagnant network engagement (DApp revenue decline, address reduction) points to a potential decoupling where wealth flows are concentrated within specific tokenized vehicles rather than reflecting broad utility or organic developer activity. The pattern of large institutional accumulation mirroring historical patterns, such as the BitMine purchases, warrants attention regarding whether current price momentum is driven by fundamental adoption or capital deployment into existing structures. What mechanisms are at play in shifting investor focus from onchain health to RWA volume, and what are the long-term implications for sustainable growth when network metrics show stagnation?

Sentinel — Human

Confidence

The article appears to be a synthesized journalistic piece that skillfully weaves together specific data points from various sources to build an argument about Ethereum's current valuation tensions.

Signals Detected

Sentence length variance shows some natural variation; the structure is expository rather than uniformly rhythmic.

The text successfully juxtaposes seemingly contradictory data points (growth vs. stagnation) with a clear, albeit cautious, thesis.

Sources are cited for specific claims (e.g., Rwa.xyz data, DefiLlama metrics), suggesting research integration rather than mere aggregation of talking points.

The inclusion of highly specific, multi-source references (e.g., TVL comparisons, specific asset names like SKY’s Tether Gold) suggests grounding in external data, even if the synthesis is narrative.

Human Indicators

The text successfully navigates complexity by framing a nuanced discussion around conflicting financial indicators rather than presenting a monolithic conclusion.