Subida acentuada de Ethereum (ETH)

The article argues that Robinhood's decision to build its own dedicated blockchain, Robinhood Chain, as an Ethereum Layer 2 (L2) using Arbitrum technology is a powerful endorsement of Ethereum's L1+L2 model, not a rejection of it. This move reflects a broader shift in the crypto industry from projects focused on token monetization to real-world businesses building cash-generating operations. Historically, many crypto projects chose infrastructure to support token sales and speculative value. In contrast, businesses like Robinhood and Coinbase (with Base) choose infrastructure based on commercial needs: security, liquidity, customer reach, and control. Ethereum's model provides a trusted, neutral, and liquid global settlement layer (L1) coupled with customizable, high-performance execution environments (L2s). This allows companies to maintain control and specialization without the cost and risk of building an independent L1 from scratch. The author contends that as more traditional enterprises enter the space to build sustainable businesses, they will rationally select Ethereum's L1 for maximum security and liquidity and its L2s for scalability and customization. This trend strengthens Ethereum's network effects and the utility of ETH as the native gas and asset within this expanding ecosystem. Robinhood's choice is thus seen as a landmark example of pragmatic business strategy aligning with Ethereum's architectural strengths.

The article argues that as real-world, cash-flow-focused businesses enter the blockchain space, they are increasingly choosing the Ethereum L1 + L2 architecture as the optimal infrastructure solution, in contrast to earlier crypto projects built primarily around token sales. It uses Robinhood as a prime example: after testing its stock tokenization product on Arbitrum One, Robinhood launched its own dedicated blockchain, "Robinhood Chain," which is built as an Ethereum L2 using Arbitrum's technology, relying on Ethereum for data availability (via blobs), using ETH as its native gas token, and employing a standard bridge to Ethereum. The author, Ryan Berckmans, distinguishes between two types of participants with different incentive structures: 1. **The "Old Crypto Economy":** Projects whose primary goal is to create and sell a token, with value derived from utility expectations, speculative "monetary premium," or distant cash-flow promises. Their technology stack choices are often flexible and driven by grants, copycat opportunities, or the need for a new token narrative. 2. **The Emerging "Real-World On-Chain Economy":** Traditional businesses using blockchain to improve existing services or create new cash-flow streams. Their goal is to maximize business profits, not token appreciation. For them, blockchain is infrastructure, and they prioritize low risk, security, user reach, operational control, liquidity, and interoperability. For these real-world enterprises, building a standalone L1 is costly, creating a new "security and liquidity island." Ethereum's L1+L2 model splits their core needs: the L1 provides a highly decentralized, neutral, and liquid global settlement layer, while L2s offer a market of customizable, high-performance, operator-controlled execution environments. An Ethereum L2 grants most benefits of an independent chain (high TPS, control, custom features) while inheriting Ethereum's security, seamless access to its ecosystem and assets, and native, low-trust bridging. The piece concludes that this shift in market participants profoundly benefits Ethereum and ETH. As businesses build on Ethereum (directly on L1, via their own L2 like Robinhood Chain, or on shared L2s like Base), they onboard users, embed ETH into products, and deepen its network effects and monetary premium. The choice is driven not by ideological belief but by rational commercial judgment, making Ethereum L1+L2 the current default optimal solution.

Ethereum (ETH) failed to sustain above the $1,800 resistance, dropping to around $1,780. Amid this volatility, large traders are placing opposing bets: one opened a 20x short position on $53.49 million worth of ETH, while another opened a 10x long of the same size, highlighting a fierce battle between bulls and bears. Despite these significant individual positions, overall market sentiment in the derivatives market is bearish. Key metrics like the Derivatives Taker Buy Sell Ratio and Futures Netflow show aggressive selling and capital outflows. However, technical indicators like the ADX and +DI suggest underlying upside momentum remains relatively strong, setting up a potential recovery towards $1,800. Conversely, continued selling pressure could push ETH back below $1,700.

At the WebX 2026 conference in Tokyo, Fundstrat's Tom Lee presented a bullish case for Ethereum, arguing it could become the foundational settlement layer for the AI era. He credited this potential to leadership changes at the Ethereum Foundation and accelerating institutional adoption. Lee cited key 2026 trends—U.S. monetary policy, the CLARITY Act, and AI investment—as macro factors impacting crypto. He highlighted rising institutional demand, noting Wall Street's growing preference for Ethereum. Comparing the current market to the post-1987 stock market recovery, Lee suggested Ethereum may be forming a significant bottom before a potential upswing. Supporting his outlook, Lee mentioned developments like Robinhood Chain and revealed that Bitmine now holds roughly 5.74 million ETH (~4.8% of supply), with plans to increase to about 5%. He framed this as part of a broader institutional shift toward investing in Ethereum's infrastructure for long-term value, beyond short-term price movements.

Ethereum is trading below $1,800 despite ongoing spot ETF expectations, as a cooler futures market indicates traders are being selective rather than euphoric. This measured approach, marked by lower leverage and open interest, may create a more durable market foundation ahead of potential ETF launches. The key narrative remains whether the ETF catalyst is under or overhyped. For sustained momentum, Ethereum needs defended support, rising spot demand, and confirmed institutional ETF flows. The market is currently weighing multiple signals, making verifiable developments—such as real filings, integrations, or data—more crucial than speculative headlines for determining the next directional move.