Ether's investment potential for 2025 is under scrutiny. Markus Thielen from 10x Research suggests Ethereum may underperform compared to Bitcoin, citing a decline in active validators and a lack of demand beyond staking. Despite Ethereum's upgrades, Thielen remains skeptical about its impact on price. While Bitcoin ETFs have seen massive inflows, Ether ETFs lag behind. However, some analysts remain optimistic, suggesting Ether could break out if certain price levels are surpassed. As of now, Ether's future remains uncertain, with opinions divided on its potential performance against Bitcoin.