If the ETH Staking ETF promoted by BlackRock passes smoothly next year, its impact will be far more than just "another Ethereum ETF"; it will reshape the asset attributes of ETH.

In the past, spot ETFs essentially just stored ETH in a warehouse, with price fluctuations determined solely by the market, and without any cash flow; whereas Staking ETFs directly stake the ETH in the fund, participating in the operation of the Ethereum network, generating annual rewards of 3-5%, which are then distributed to investors quarterly. As a result, ETH transforms from a speculative asset into a "productive asset that generates cash flow"; investors can benefit from price increases as well as stable returns.

Ordinary people no longer need to run nodes, open wallets, or worry about penalties; they can participate in staking with just a click of a button, just like buying stocks; institutional funds finally have a compliant and auditable channel to enter ETH and can categorize it under "fixed income assets." Once large long-term funds enter the market, the circulating supply of ETH will decrease, demand will increase, and prices will naturally rise more easily.

More profoundly, there is a narrative shift—Ethereum will be seen as a global settlement layer asset, rather than a "crypto toy." This will accelerate the development of stablecoins, RWA, and on-chain U.S. Treasury bonds.

Of course, there are also risks: if BlackRock and Coinbase have too much staking volume, it may lead to excessive centralization of nodes. However, overall, the Staking ETF remains the most critical step for Ethereum to enter the mainstream financial system.