Ethereum ETH/USD has surged 65% over the past month, sharply outperforming other digital assets after a prolonged stretch of underperformance relative to Bitcoin.

What Happened: According to a new report by Bernstein on Wednesday, the rebound is being driven by a convergence of structural and tactical catalysts.

The rally, they argue, is underpinned by three primary trends: renewed focus on blockchain utility via stablecoins, rising institutional interest in Ethereum’s Layer 2 ecosystems and a major unwind of bearish hedge fund positioning.

“Stablecoins are bringing back the focus on underlying blockchain networks becoming platform proxies to gain exposure to the growth trend,” the report…

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