Ethereum Gains 3% as Tokenization Surges — Can It Break $1,800?
By John Nada·Jul 11, 2026·4 min read
Ether climbs 3% amid tokenization and Robinhood Chain success, yet struggles to break $1,800. Can fundamentals overcome weak metrics?
Ether (ETH) price jumped 3% between Thursday and Friday, outshining the broader crypto market. This upward trajectory is closely linked to the burgeoning boom in tokenization, the success of Robinhood Chain, and an increase in corporate treasury acquisitions. Despite these promising developments, ETH couldn't breach the $1,800 mark due to sluggish onchain and derivatives metrics, as highlighted by Cointelegraph.
Ethereum maintains a dominant position in the real-world assets (RWA) market, holding a 47% share, according to Rwa.xyz data. This leadership is crucial as the platform is at the forefront of the real-world asset tokenization trend, which is steadily gaining momentum. From tokenized stocks provided by Robinhood to Tether Gold and government bonds, Ethereum consistently sets the pace for innovation and application in this sector.
The launch of Robinhood Chain, a layer-2 network that uses ETH as its native gas token, has injected fresh enthusiasm among investors. The network has already amassed $106 million in bridge deposits, significantly strengthening the EVM-compatible ecosystem. However, despite these positive developments, Ethereum's onchain metrics are cautionary.
Robinhood's traditional finance platform is expanding its crypto offerings significantly, yet the revenue generated by Ethereum's decentralized applications (DApps) has faltered. According to DefiLlama, weekly revenue has plummeted to $11 million from $20 million earlier in the year. Furthermore, the number of active addresses has dipped to 3.2 million from 5.4 million, reflecting the underlying demand challenges facing the network.
The contrast between these indicators is striking. BitMine has embarked on a substantial ETH buying spree, accumulating 198,370 ETH in the past month, bringing their reserves to a total of $10.3 billion. Concurrently, Arkham Intelligence identified a notable $36 million withdrawal from Galaxy Digital, mirroring BitMine's aggressive acquisition strategy.
Nevertheless, Ethereum’s perpetual futures funding rate has declined to 3%, which is below the neutral 6% threshold, indicating a lack of strong bullish demand. This disconnect between Ethereum's robust fundamental growth and the prevailing market sentiment is quite apparent. A retest of the $1,700 level seems plausible, given these strong fundamentals.
Leon Waidmann of Lisk has pointed out a historic milestone: Ethereum's Total Value Locked (TVL) has reached $260 billion, surpassing its market cap of $210 billion. Waidmann interprets this as a sign that "ETH is underpriced," starkly contrasting with the 2022 bear market valuations. These insights underscore the complex interplay between valuation metrics and market psychology.
The success of Robinhood Chain has not only driven fresh inflows of ETH but also contributed to the growth of the broader ecosystem. The launch of this layer-2 network, which uses Ethereum as its native gas token, has been met with enthusiasm, as evidenced by the $106 million in bridge deposits it has garnered. Robinhood's innovative approach, offering tokenized stocks to customers across 120 countries, further bolsters the Ethereum-compatible ecosystem.
Despite these accomplishments, Ethereum's onchain performance reflects a different narrative. The 2026 bear market has negatively impacted blockchain demand, with competing blockchains gaining traction in specific sectors like synthetic perpetual futures and automated yield vaults. This competitive landscape presents challenges for Ethereum's sustained growth.
Ethereum's decentralized applications (DApps) have experienced a downturn in revenue. Weekly revenues have fallen from $20 million earlier in 2026 to $11 million, with notable contributors like Sky, Titan Builder, and Chalink experiencing similar revenue declines. Additionally, the active addresses on the network have decreased from 5.4 million to 3.2 million, highlighting a significant drop in user engagement.
The perpetual futures annualized funding rate for ETH has also seen a decline, dropping to 3% from the previous peak of 12%. This suggests a lack of confidence among bulls, even as institutional inflows continue to support recent price gains.
Arkham Intelligence's report of a $36 million ETH withdrawal from Galaxy Digital, which aligns with BitMine's recent acquisition spree, underscores the mixed signals in the market. BitMine's aggressive accumulation, totaling 198,370 ETH in the past 30 days, reflects a strong institutional interest, despite the broader market's cautious sentiment.
Ultimately, the combination of strong fundamentals, such as BitMine's ETH accumulation and Robinhood Chain's success, alongside weak onchain metrics, presents a complex picture for Ethereum. While the potential for a retest of the $1,700 level remains, the overall market dynamics and Ethereum's position within the tokenization boom continue to shape its trajectory.