#贝莱德买入5.6亿美元ETH BlackRock releases a significant signal, is a big ETH coming?

After experiencing several weeks of large-scale inflows, 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 Bitcoin and Ethereum spot ETFs in the United States.
More importantly, BlackRock sold about 1,249 BTC yesterday and bought 27,241 ETH. This action seems ordinary, but it signals something extraordinary: the Ethereum ETF, once neglected by institutions, is making a strong comeback, and a performance moment belonging to ETH may soon be on the horizon.
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 network's energy consumption by 99.95%, directly opening the door to traditional financial institutions. PoS increased the cost of a 51% attack from $20 billion to $3.2 trillion, enhancing the network's censorship resistance by over 10 times.
The Shanghai upgrade activated on April 12, 2023, unlocked the withdrawal feature for staked ETH, fundamentally changing the landscape of the staking market.
The Cancun upgrade (DenCun) implemented on March 13, 2024, introduces Proto-Danksharding through 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-staked ETFs. It allows validators to trigger withdrawals via smart contracts without waiting for a queuing mechanism. Ethereum continuously upgrades and optimizes its technology, laying the groundwork for Ethereum as a global settlement layer. It builds an open-source programmable currency protocol, with an on-chain settlement value exceeding $25 trillion in 2024 alone.
This network gathers the largest number of stablecoin issuers and real asset tokenization (RWA) projects globally, while leveraging its native staking yield mechanism and DeFi ecosystem to 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 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 assets tokenized in the Ethereum ecosystem, anchored to real assets such as U.S. Treasury bonds.
Although competitors like Solana have diverted some users with high throughput, Ethereum still holds a 53.4% share of the public chain TVL thanks to its security and developer ecosystem.
The Comeback of Ethereum ETF
The first-mover advantage of Bitcoin ETFs once overshadowed Ethereum ETFs, but recently, the market landscape has undergone a fundamental reversal.
Glassnode stated that the early ETF 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, which indicates that the market reaction was relatively muted when the ETF was launched."
As of now, investors in BlackRock and Fidelity's spot Ethereum ETFs 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, marking three consecutive weeks of net inflows. In contrast, BTC has been strengthening against the trend.
In the past year, the ETFs issued by Grayscale have been experiencing capital outflows, which have weighed down the performance of the Ethereum ETF. However, BlackRock's holdings have now surpassed Grayscale's, with net inflows covering Grayscale's outflows. The positive accumulation of the Ethereum ETF is gradually providing it with bullish strength.
At the company level, Nasdaq-listed SharpLink Gaming announced a major strategic initiative by reaching a $425 million financing agreement through a private investment in public equity (PIPE), aimed at advancing its ETH financial strategy. Known as the Ethereum version of Strategy moment.
Views on Ethereum price prediction
1. BlackRock predicted in March: If it breaks through $2000, it may see 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 may break through $14,000 in 2025. If Ethereum's market capitalization matches that of Bitcoin (assuming BTC reaches $175,000), the price of ETH could reach $35,000.
4. Glassnode Key Price Levels: Short-term resistance at $2,900 (active investor cost line), a breakthrough may open up upside potential; support at $2,000, with a probability of falling below 15%.