$ETH This period has been quite strong, and it has become a market indicator, mainly due to certain changes in the fundamentals.

First, BlackRock is promoting an Ethereum ETF with staking yields, with an annualized return of about 4%. The core of this is not the yield itself, but that it has turned “on-chain staking rewards” into a standardized, distributable product structure, essentially packaging the originally more native crypto yield model into the traditional asset management system, lowering the threshold for institutional allocation.

Second, the banking system has begun accepting securitized tokens as collateral and treating them under the same regulatory standards as stocks, bonds, and other traditional asset classes. Essentially, this is redefining asset attributes, implicitly assuming these on-chain assets possess “priceability, liquidity, and risk control” financial properties, laying the infrastructure for future credit expansion.

Third, the Clarity Act is currently progressing at a relatively fast pace, with the market generally expecting a high probability of passing in April. Once implemented, it will provide clear guidance on the classification, ownership, and regulatory framework for digital assets. For institutions, this is more important than short-term gains—clear compliance boundaries make large-scale asset allocation possible.

All three developments are positive for ETH.