If the ETH Staking ETF promoted by BlackRock is approved in the future (with a high probability of Q1/Q2 next year), it will not only be a positive event for the price of Ethereum, but also fundamentally reshape the asset attributes of ETH, with far-reaching impact. Previous Ethereum ETFs: If a user buys it, it is equivalent to buying a bunch of Ethereum and storing it in the warehouse. If the price rises, they make a profit, but if it falls, they lose, and there is no other income. Staking ETF： BlackRock pledges the ETH in the fund (i.e. locks it in the Ethereum network to help with network accounting), and rewards rewards those who do the work, approximately 3-5% per year. After deducting a management fee from this reward, dividends will be distributed to all ETF buyers every three months. At this point, someone bought this ETF and still enjoys the benefits of Ethereum's price increase; 2. Take an additional stable interest. For ordinary people, it used to be very troublesome to pledge on their own, as they had to deal with wallets, run nodes, and fear being fined. Just buy this ETF directly now, it's as simple as buying stocks, the interest is automatically credited, and you don't have to worry about anything. For large institutions, many pension funds and university foundations used to be hesitant to invest in cryptocurrency, fearing that it would be too troublesome and cause trouble. Now BlackRock has taken care of all the troubles, they can be bought with just a click of the mouse, and the reports can also be written as' fixed income assets', compliant and attractive. So these truly long-term big money may consider allocating a portion. The result is that the circulating ETH in the market will decrease, but the number of buyers will increase, making it easier for the price to rise. Moreover, the narrative of ETH's global settlement layer/productivity assets will be further strengthened. Previously, Wall Street thought ETH was just a speculative toy, but now BlackRock tells them, "This thing can generate stable cash flow, similar to bonds As soon as this narrative comes out, it becomes more natural for Ethereum to carry stablecoins/on chain lending/trading/US bonds and US stocks on chain/other RWAs. Of course, there are also some concerns about this trend, which is that giants such as BlackRock and Coinbase have pledged too much, which may result in node control being concentrated in a few hands and not decentralized enough. In addition, although ETH interest is stable, the ETH price itself has significant fluctuations, so it cannot be considered a true 'bank term'.