Ethereum up 3% as tokenization and treasuries add demand

Ether gained about 3% between Thursday and Friday following renewed tokenization activity, inflows tied to the newly launched Robinhood Chain and continued corporate treasury purchases. The price did not break above $1,800 during the session.

Robinhood Chain uses Ether as its native gas token and has recorded roughly $106 million in bridge deposits since launch. The chain offers tokenized stocks to retail customers in about 120 countries and has added liquidity and transactions that interact with Ethereum’s broader ecosystem.

Ethereum holds roughly a 47% share of the tokenized real-world assets market, according to Rwa.xyz. Tokenized products on Ethereum include Tether Gold (XAUT), Ondo US Dollar Yield (USDY) and Franklin Templeton’s government bond token (iBENJI). Tokenized stock offerings gaining traction include Strategy’s STRCx and Circle Group’s CRCLon.

Total value locked on Ethereum reached about $260 billion, exceeding Ether’s market capitalization near $210 billion. Leon Waidmann, head of research at Lisk, described the relative valuation as “underpriced.” The TVL figure reflects the aggregate value held in Ethereum-based smart contracts.

Several on-chain indicators showed reduced activity. Weekly revenue from decentralized applications on Ethereum fell to roughly $11 million, down from about $20 million in the first quarter of 2026, and active addresses on the network decreased to about 3.2 million from 5.4 million over the same period, per DefiLlama data.

Derivatives metrics also cooled. The annualized funding rate for ETH perpetual futures dropped to about 3% on Saturday, below the roughly 6% level often used as a neutral benchmark for bullish demand. Funding briefly reached near 12% on Friday before declining, according to Laevitas.

Institutional and treasury movements added large inflows. Arkham Intelligence recorded a transfer of 20,500 ETH, valued at about $36 million, from Galaxy Digital to a new wallet on Thursday. BitMine reported adding roughly 198,370 ETH over the past 30 days and now lists about $10.3 billion in reserves.

Prices paused near $1,800 during the recent uptick. Market participants cited the mix of tokenization-driven flows and large treasury purchases alongside weaker on-chain usage and lower futures funding when assessing short-term price prospects. Observers said further bridge inflows, additional corporate treasury moves and any change in on-chain engagement will be watched to determine if Ether can sustain gains above $1,800.