The 52% figure
That $639 million is the total tokenized ETF market cap, and Ethereum's slice of it is just over half. For a network that essentially defined the category, that's still a commanding position. No single competitor has knocked it off the top.
The problem for Ethereum isn't losing the crown outright. It's the slow erosion. Each quarter the percentage ticks down a little, even as the overall market grows. Being the default choice isn't the same as being the only choice.
What's eating into the lead
Tokenization used to be a one-network story. That's over. Issuers now have real options: networks with faster settlement, lower fees, different compliance frameworks. The infrastructure around blockchain finance has matured to the point where a fund can be built somewhere other than Ethereum without much friction.
That's a direct consequence of competition. When one chain had all the tooling, the decision was easy. Now the tooling is spread around, and issuers are making different calls. Some are splitting issuance across multiple networks.
