Bitcoin ETF is still the buzz, and BlackRock drops another heavyweight bomb.

Recently, they submitted a special application to the SEC — the iShares Staked Ethereum Trust. At first glance, is this just another Ethereum spot ETF? No, this time the game has changed. This is the first compliant product that lets you benefit from ETH price appreciation while earning staking rewards passively. Don’t underestimate this combo—it could be quietly rewriting the rules of the altcoin market.

**What makes the staking ETF special?**

Traditional spot ETFs are just price trackers—you buy them and wait for the ups and downs. But BlackRock’s version is different—it will allocate part of the ETH to participate in Ethereum network validation, helping you automatically earn staking rewards. Currently, Ethereum staking yields around 3.5%-4% annually, not an outrageously high return, but it’s stable.

What does this mean? The ETH you hold is no longer a dead asset sitting in your wallet. When prices go up, you profit from the price difference; when prices stagnate, you still earn income. This "dual-engine" mode has been seen in traditional finance (bond interest, stock dividends), but it’s a first in the crypto market in the form of a compliant product.

**ETH’s identity might be changing**

In the past, institutions mainly allocated ETH for short-term speculation or hedging needs. Now, with stable income potential, ETH can be viewed as a long-term yield asset. This directly raises ETH’s asset ceiling.

Think about it—previously, institutions saw ETH as a speculative instrument with high volatility and risk. But if it can provide a steady cash flow (even just 3-4%), its nature changes—from a "bet on price movements" to a "productive asset." Once demand logic shifts, the price discovery mechanism will also be restructured.

All in all, if this becomes a reality, it could have a more profound impact on the entire altcoin ecosystem than expected. After all, Ethereum is the backbone of most DeFi and Layer2 projects. If its positioning changes, the valuation logic of those projects might need to be re-evaluated...