2025 has been another year of massive volatility for Ethereum.

Back in 2015, I didn’t think much of Ethereum, foolishly believing that modifying Bitcoin’s protocol—especially with sidechain technology—was more than enough to achieve all blockchain innovations. Creating a whole new consensus mechanism seemed completely unnecessary.

I only started paying real attention to Ethereum during the 2016-2017 ICO boom. The invention of ICOs undoubtedly ranks among the greatest innovations in the crypto space.

With the ICO frenzy, Ethereum’s price skyrocketed from under $100 to over $1,000 in just two years, peaking at over $1,400.

But as the ICO bubble burst, by the end of 2018, the price crashed hard, falling back below $100.

In 2020, with the reinvention and popularization of DeFi, I shifted my focus to Ethereum. DeFi also triggered a massive bull run for Ethereum, lasting over two years, pushing the price from a few hundred dollars all the way to an all-time high of $4,815.

2020, 2021, and 2022 were the three most groundbreaking years for crypto innovation (primarily Ethereum’s). DeFi, NFTs, rollups, and ZK tech all matured during that time. I really miss those days when there was so much innovation to explore—burning so much ETH on gas fees but also stumbling upon many airdrops.

Then in 2022, with the collapse of Luna, 3AC, FTX, and others, the massive bubble and leverage in Ethereum’s ecosystem triggered a terrifying chain reaction of liquidations. The price plummeted from $4,000 all the way back to $880.

That crash was truly epic. While there have been similar price drops in history, the sheer scale of people, companies, institutions, tokens, and money involved made it one of the most infamous financial disasters in human history.

By 2023, as Wall Street began pushing for ETFs, Ethereum’s market stabilized—starting with Bitcoin’s steady rise.

In 2024, with the approval of ETFs, Ethereum surged wildly from around $1,500 to a secondary peak of $4,100.

But from 2023 to 2024, I noticed that many Ethereum enthusiasts were overly confident, firmly believing ETH would surpass its previous high. Caught up in this frenzy, I even recommended Ethereum to friends and family, forgetting the disaster that BCH had brought me.

Reality, however, didn’t match expectations. After the ETF approval, ETH’s price crashed from $4,100 back to $2,000.

Especially compared to Bitcoin, Ethereum’s price performance was terrible. The ETH/BTC ratio became a joke in the industry, and "Ethereum maxis" became synonymous with idiots.

Entering 2025, Ethereum faced even greater disaster. President Trump launched a global tariff war, crashing Ethereum’s price to $1,300—back to 2017 levels. That scared the hell out of me.

But in the second half of 2025, Ethereum’s price miraculously surged again, driven by favorable U.S. policies, particularly the stablecoin bill and news of the Fed cutting interest rates.

On August 14, 2025, Ethereum’s price approached its all-time high, hitting $4,700—just shy of the $4,800 peak.

Ethereum’s price dynamics have now shifted from innovation-driven to policy-driven.

Innovation-driven prices always bring new bubbles. Technological innovation leads to token issuance, which fuels hype, inflates bubbles, and inevitably results in crashes.

It always seems to follow this pattern. The same thing happened with the internet—just look at China’s mobile internet boom.

But what happens when policy takes the wheel?

I think policies are more consistent and predictable, potentially leading to more stable prices.

Those drawn by policy (institutions and investors) tend to be wealthier. Meanwhile, those drawn by innovation (entrepreneurs and startups) are more risk-tolerant but noticeably less wealthy.

But looking at Wall Street now—MicroStrategy, SharpLink Gaming—it all feels too greedy. They’re pushing crypto-stock hybrids to raise funds, using other people’s money to buy crypto without a care, loudly announcing billion-dollar purchases while who knows how much insider trading is happening behind the scenes.

I don’t think the crypto world will ever know peace.