Ethereum’s journey from a decentralized platform for developers to an asset recognized by global financial institutions is marked by significant milestones. Starting as a network for cypherpunks and developers in 2015, it evolved through initial experiments in smart contracts and decentralized applications (DApps), eventually attracting retail investors who saw its potential beyond just a blockchain technology. By 2020, Ethereum began gaining traction as collateral across Decentralized Finance (DeFi) platforms, drawing significant interest from funds, family offices, and venture capital firms. 2022 marked a turning point with the entry of macro funds, corporates, and ETF issuers. This influx, along with the introduction of ETFs, further legitimized Ethereum’s position as an asset within global financial markets.