The Ethereum network was the playing field for developers for a long time, where they can show, how cool dapps could be built, but actually nothing more. Then there was the 2017 ICO-fever, with 1400 USD all-time high in ’18 January, and the defi-craze in this summer. And next to these, the community has doubled the necessary amount of locked ether, into the smart contract of Beacon Chain, which started on 1. of December. This is the biggest version-update in Ethereum’s history, and it’s a totally new chain, with PoS consensus.
Investors also see, here happen something big. Grayscale told they have many “ETH-only” investors, in significant numbers. And as we look at the 360% gain since the start of 2020, I think we will see more from this behavior.