Wall Street is increasingly moving beyond crypto pilots and delving deeper into Ethereum, according to Etherealize founder Raman. Despite this growing institutional interest, Ethereum's market performance has not mirrored this enthusiasm, frustrating many investors. Raman attributes this disconnect to the lengthy sales cycles typical of institutional adoption, suggesting that while the infrastructure is in place, the full scale of asset migration onchain has yet to occur. Raman views Ethereum as being in a transitional phase, with the groundwork laid but adoption not yet fully reflected in its market value. He anticipates that as more tokenized assets move onchain, the market will reassess Ethereum's role in securing the network. Addressing criticism of the Ethereum Foundation, Raman argues that its reduced role is beneficial, emphasizing the importance of maintaining Ethereum's core values and focusing on long-term priorities like zero-knowledge technology and quantum resistance.