Ethereum Becomes Programmable Reserve Asset, Artemis Research

Published: 2025-07-24 13:09:57 |

Artemis Research’s report finds that Ethereum is undergoing a pivot to serve as a programmable reserve asset. The study’s author Kevin Li argues that Ethereum’s low and decaying inflation—projected to reach between 0.89% and 1.52% after full staking—combined with EIP-1559 burns, aligns its supply profile with gold while preserving software functionality. Secondary macro trends, such as persistent fiat devaluation and growing mistrust in traditional money supply, position Ether as an attractive alternative store of value. The report highlights deepening institutional adoption: JPMorgan, BlackRock’s BUIDL fund, and Robinhood prototypes are all deploying Ethereum rails for tokenized deposits, money-market funds, and equity trading. On-chain metrics show $123 billion in stablecoins and tokenized real-world assets on Ethereum and 35.5 million ETH staked; the value of on-chain assets closely correlates (>88%) with staked ETH. Regulatory clarity from the SEC’s guidance on protocol-level and custodial staking paves the way for spot-ETH ETFs that include staking yields. Corporate treasury allocation mirrors the Bitcoin trend: more than 730,000 ETH (approx. $2.6 billion) held by public firms. The report argues that Ethereum’s settlement-focused base layer, supported by roll-ups for high throughput, secures its role as the base money of an institutional on-chain economy, potentially challenging Bitcoin’s digital gold narrative.

Bullish

Artemis Research’s findings are a clear bullish signal for ETH. Institutional adoption by blue-chip firms, regulatory clarity on staking, and a supply profile tightened by EIP-1559 burns all point to rising demand and constrained supply. On-chain data—$123 billion in tokenized assets and 35.5 million ETH staked with an 88%+ correlation—confirms that settlement and security needs are driving ETH demand. Corporate treasuries adding over 730,000 ETH mirrors the 2020 Bitcoin treasuries trend, which preceded significant price rallies. In the short term, positive ETF filing updates and staking provisions may fuel speculative inflows. Over the long term, positioning Ethereum as a programmable reserve asset could anchor institutional capital, support higher valuations, and reduce volatility relative to pure utility narratives.