Ethereum is where most DeFi (decentralized finance) and NFT activity $ETH happens. As of recent counts, Ethereum protocols hold tens of billions in assets and power thousands of smart contracts. Growth in these sectors feeds demand for ETH since it’s required to interact with the platform.
Ethereum’s broader ecosystem also attracts institutional interest — large financial players like BlackRock have significantly increased ETH exposure, reflecting mainstream financial adoption rather than fringe crypto speculation.