Bernstein analysts assert that Ethereum is at a pivotal moment as the cryptocurrency industry transitions from speculative trading to genuine financial innovation. Despite the success of Bitcoin ETFs in the U.S., with assets surpassing $120 billion, Ethereum ETFs remain smaller, managing $9 billion. Analyst Gautam Chhugani emphasizes Ethereum's role as a decentralized computer, crucial for applications like stablecoins and asset tokenization. Recent data shows Ethereum ETFs have attracted $815 million in inflows over the past 20 days, with a net positive inflow of $658 million since the start of the year. Major payment companies such as Visa, Mastercard, and Stripe are actively developing stablecoin strategies, while crypto firms like Coinbase and Robinhood are advancing blockchain financial applications. Bernstein forecasts Bitcoin could reach $200,000 in this cycle, but stresses that foundational blockchain assets like Ethereum are evolving from mere speculation to significant financial innovation.