The evolution of who holds $ETH tells you everything about where we're headed.
> 2015: Just devs & cypherpunks building something new
> 2017: ICO boom brought retail rushing in
> 2020: DeFi made ETH productive (suddenly VCs and family offices cared)
> 2022: L2s scaled it, macro funds noticed, companies started treasury allocations
> 2024: ETF approved. Your financial advisor can finally recommend it
Next wave will be pension funds adding billions + Central banks adding to reserves.
We've gone from ‘Magic internet money’ to ‘Core financial infra’ in under a decade. Each new buyer class makes the previous one look early.
Which brings me to the strong infra plays I'm watching this cycle👇
▫️ Lending protocols
@MorphoLabs (Coinbase-backed)
@0xfluid & @eulerfinance (one-click degen plays)
@aave (the REAL king)
▫️ Yield plays
@pendle_fi (yield marketplace)
@ethena_labs (stablecoin powerhouse)
@LidoFinance (liquid staking infra)
@maplefinance (RWA using private credit)
@Mantle_Official @arbitrum (TradFi x DeFi hubs)
When pension funds buy ETH, they'll need somewhere to earn yield. That's where these protocols win.
Infra over speculation. ALWAYS.
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