分析：以太坊或迎“世代级买点”与“价值陷阱”关键分水岭

Odaily reported that 10x Research posted on X platform, stating that it has been bearish on Ethereum since October 2025, considering ETH one of the easiest assets to short in this bear market. At that time, ETH was trading around $3,800, and its mid-2025 rally was primarily driven by Bitmine capital inflows. After Bitmine's mNAV fell back to 1x and related arbitrage mechanisms became ineffective, capital flows quickly dried up, causing ETH’s price to ultimately revert to levels supported by fundamentals.

10x Research noted that three weeks ago, it issued another high-conviction bearish view, after which ETH’s price has dropped approximately 26%, with a cumulative decline of nearly 60% from its October 2025 high. ETH has now broken below the range where value historically begins to emerge, prompting the market to reassess its investment thesis. However, the current market situation could also represent one of the rare moments to buy ETH, and amid the significant price correction, Ethereum may face a critical watershed between a "generational buying opportunity" and a "value trap."