#Ethereum may look weak on the chart… but fundamentals are telling a different story. Tokenized U.S. Treasuries on Ethereum just hit a record $8B market cap, as investors keep moving toward safer yield-generating assets. Treasury products now make up nearly 46% of the entire tokenized funds market. What’s interesting is that over 56% of BlackRock’s BUIDL fund is deployed on Ethereum. So while $ETH struggles below $2.3K, Ethereum is quietly becoming the core infrastructure layer for real-world yield. This could end up being one of the biggest narratives of the cycle. #Macro Insights#