#BTC ETF可作为贷款抵押品# BlackRock sends a significant signal, is a big ETH coming?

After experiencing large-scale inflows for several weeks, Bitcoin ETFs began to see net outflows last week, while Ethereum ETFs saw net inflows against the trend, a phenomenon that has not occurred since the approval of the Bitcoin and Ethereum spot ETFs in the United States.
More importantly, BlackRock sold about 1,249 BTC yesterday and bought 27,241 ETH. This move seems ordinary but signals something extraordinary: the Ethereum ETF, once overlooked by institutions, is making a strong comeback, and a performance moment belonging to ETH may soon begin.
The undervalued development ecosystem of ETH
Since the end of the last bull market (the end of 2021), Ethereum has undergone four significant upgrades:
The Merge on September 15, 2022, is the most complex system upgrade in Ethereum's history, completing the transition from Proof of Work (PoW) to Proof of Stake (PoS). This upgrade reduced the total energy consumption of the network by 99.95%, directly opening the door to traditional financial institutions. PoS increased the cost of a 51% attack from 20 billion USD to 32 trillion USD, enhancing the network's resistance to censorship by more than 10 times.
The Shanghai upgrade activated on April 12, 2023, unlocked the withdrawal feature for staked ETH, fundamentally changing the staking market landscape.
The Cancun upgrade (DenCun), implemented on March 13, 2024, introduces Proto-Danksharding via EIP-4844, laying the foundation for sharding technology. On May 7, 2025, Ethereum successfully completed the Pectra upgrade, clearing the way for the launch of ETH staking ETFs. Allows validators to trigger withdrawals through a smart contract without waiting for the queuing mechanism. Ethereum has been continuously upgraded and optimized in technology, laying the foundation for Ethereum as a global settlement layer. It built an open-source programmable currency protocol with more than $25 trillion in on-chain settlement value in 2024 alone.
This network gathers the largest number of stablecoin issuers and real-world asset (RWA) tokenization projects globally. At the same time, with its native staking yield mechanism and DeFi ecosystem, it has become a digital asset with self-appreciation capability—its built-in re-staking system and decentralized financial applications continuously activate the compound interest effect of the on-chain economy.
However, ETH has always struggled to rise and remains in an undervalued state.
In the past two years, DeFi has recovered, with the total value locked (TVL) rebounding from a low of $20 billion in 2023 to $60 billion in 2025;
RWA (Real World Assets) has exploded, with over 95% of BlackRock's BUIDL fund's assets tokenized on the Ethereum ecosystem, anchored to real assets such as U.S. Treasury bonds.
Despite competitors like Solana siphoning off some users with high throughput, Ethereum still holds a 53.4% share of the public chain TVL due to its security and developer ecosystem.
The comeback of Ethereum ETF
The first-mover advantage of Bitcoin ETFs had overshadowed Ethereum ETFs, but recently, the market landscape has fundamentally reversed.
Glassnode stated that the early ETFs had a minimal impact on the spot price of Ethereum. "The Ethereum ETF initially accounted for only about 1.5% of the spot market trading volume, indicating a relatively calm market response at the time of the ETF launch."
As of now, investors in the spot Ethereum ETFs from BlackRock and Fidelity are facing significant losses, with an average unrealized loss of about 21%.
Data shows that BlackRock's spot Ethereum ETF has a cost basis of $3,300, while Fidelity's is higher at $3,500.
However, the Ethereum spot ETF saw a net inflow of $286 million last week, continuing a trend of net inflows for three weeks. In contrast, BTC is strengthening against the trend.
In the past year, the ETFs issued by Grayscale have been experiencing capital outflows, which have affected the performance of the Ethereum ETF. However, BlackRock's holdings have now surpassed Grayscale, with net inflows covering Grayscale's outflows, and the positive accumulation of the Ethereum ETF is slowly providing it with bullish momentum.
At the company level, Nasdaq-listed SharpLink Gaming announced a major strategic initiative, securing a $425 million financing agreement through a private investment in public equity (PIPE), aimed at advancing its Ethereum financial strategy. Referred to as the Ethereum version of Strategy Moment.
Views on Ethereum price prediction
1. BlackRock predicted in March: if it breaks through $2000, it may welcome a 65% increase. Long-term logic: the staking yield discount model shows that the long-term valuation may reach $3,000 to $3,500.
2. ARK Invest 2026 target: $5,000.
3. Standard Chartered's aggressive prediction that ETH could break through $14,000 in 2025. If Ethereum's market cap is equal to that of Bitcoin (assuming BTC reaches $175,000), the ETH price could reach $35,000.
4. Glassnode Key Price Levels: Short-term resistance at $2,900 (active investor cost line), a breakthrough may open up upward space; support at $2,000, with a probability of falling below 15% #贝莱德买入5.6亿美元ETH#