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

After experiencing massive inflows for several weeks, Bitcoin ETFs began to see net outflows last week, while Ethereum ETFs saw net inflows against the trend. This is a phenomenon that has not occurred since the approval of Bitcoin and Ethereum spot ETFs in the United States.
What's more critical is that BlackRock sold about 1,249 BTC and bought 27,241 ETH yesterday, which seems ordinary, but it indicates an extraordinary signal: the Ethereum ETF, which was once snubbed by institutions, is rising strongly, and a performance moment belonging to ETH may be about to kick off.
The underestimated 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 was the most complex system upgrade in Ethereum's history, completing the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This upgrade reduces the energy consumption of the entire network by 99.95%, directly knocking on the door of traditional financial institutions. PoS has skyrocketed the cost of a 51% attack from $20 billion to $3.2 trillion, and cyber censorship resistance has increased by more than 10x.
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 world's largest number of stablecoin issuers and real-world asset tokenization (RWA) projects, and at the same time, with the native staking income mechanism and DeFi ecosystem, it has become a digital asset with self-appreciation ability - a built-in re-pledge system and decentralized financial applications, which continue to activate the compounding effect of the on-chain economy.
However, ETH has always struggled to rise and remains undervalued.
In the past two years, DeFi has revived, 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 like U.S. Treasury bonds.
Although competitors like Solana have siphoned off some users with high throughput, Ethereum still holds 53.4% of the public chain TVL due to its security and developer ecosystem.
The comeback of Ethereum ETF
The first-mover advantage of Bitcoin ETFs once overshadowed Ethereum ETFs, but in recent times, the market landscape has fundamentally reversed.
According to Glassnode, early ETFs had little impact on Ethereum's spot price. "Ethereum ETFs initially accounted for only about 1.5% of spot market volume, suggesting a relatively muted market response when the ETF was launched."
As of now, investors in the spot Ethereum ETFs from BlackRock and Fidelity are facing significant losses, with an average unrealized loss of around 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, marking three consecutive weeks of net inflows. In contrast, BTC strengthened against the trend.
In the past year, the ETF issued by Grayscale has been flowing out, dragging down the performance of Ethereum ETFs, and now BlackRock's holdings have exceeded Grayscale, and the net inflow has covered the outflow of Grayscale, and the positive accumulation of Ethereum ETFs has slowly provided it with bullish strength.
At the corporate level, NASDAQ-listed SharpLink Gaming announced a major strategic move to secure a $425 million financing agreement through a private equity investment (PIPE) aimed at advancing its Ethereum financial strategy. Known as Ethereum's version of Strategy.
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 long-term valuation could reach $3,000-$3,500.
2. ARK Invest 2026 target: $5,000.
3. Standard Chartered's aggressive prediction: ETH could surpass $14,000 in 2025. If Ethereum's market value equals that of Bitcoin (assuming BTC reaches $175,000), the price of ETH could reach $35,000.
4. Glassnode key level: Short-term resistance level of $2,900 (active investor cost line), which may open upside after breakout; Support is at $2,000 and the probability of a break below #贝莱德买入5.6亿美元ETH# 15%.