VanEck stated in a post that the Fusaka upgrade in December will reduce the data burden on validators, making it easier to scale the second-layer blockchain. In this context, Fusaka enhances the attractiveness of Ethereum by reducing L2 costs and strengthening its central position in the scaling ecosystem, with expectations that this ecosystem will attract more institutional adoption.
In addition, VanEck analysts also warned that non-staked ETH holders face dilution risks, as institutional participants - from ETFs to crypto treasury companies - continue to accumulate ETH positions and stake them for returns.