ETH has been relatively strong recently and has become a market indicator, mainly due to certain changes in the fundamentals.

First, BlackRock is promoting an Ethereum ETF with staking yields, approximately 4% annualized. 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 crypto-native yield model into the traditional asset management system, lowering the threshold for institutional allocation.
Second, the banking system is beginning to accept securitized tokens as collateral and treat 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,” providing infrastructure for future credit expansion.
Third, the Clarity Act is currently progressing at a relatively fast pace, with a high market expectation 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.