BlackRock has massively purchased 3 million ETH, as institutions rush to seize the new era of Ethereum.

On July 30, the on-chain data platform Lookonchain announced a significant piece of news: BlackRock's Spot Ethereum ETF (ETHA) holdings have surpassed 3 million ETH, with a market capitalization of approximately $11.36 billion. Since July 1, BlackRock has increased its holdings by as much as 1.25 million ETH in a single month, spending over $1.2 billion just last week to scoop up Ethereum. This move far exceeds the purchasing scale of Bitcoin during the same period, shocking the TradFi circle and sparking a new round of discussions in the market about Ethereum's long-term value.

1. Institutions accelerate layout, Ethereum becomes the new "digital gold"

With Wall Street capital pouring in, Ethereum is gradually replacing Bitcoin as the "digital gold" in the eyes of institutions. BlackRock's massive buying is just the tip of the iceberg, as companies like BitMine and SharpLink Gaming are also actively accumulating ETH, intensifying the competition for Holdings among institutions.

Currently, BitMine holds 625,000 ETH, with a market capitalization of approximately 2.42 billion USD, firmly at the top of the institutional rankings. SharpLink Gaming made a one-time purchase of 77,000 ETH last weekend, bringing their total holdings to 438,000. The World Liberty project is also continuously increasing its stake, with the latest holdings surpassing 77,000 ETH and unrealized gains exceeding 41 million USD. Even a mysterious whale purchased 60,000 ETH through FalconX in a single transaction, highlighting the strong confidence of mainstream capital in Ethereum.

2. Five Core Logical Support Institutions Frenziedly Compete for ETH

Institutional investors are closely watching Ethereum for five key reasons:

Scarcity and Deflation Model

Since the EIP-1559 upgrade, Ethereum has significantly burned transaction fees, with an annual burn rate reaching as high as 2.4%. Currently, the circulation growth rate of ETH has dropped to below 0.5%, demonstrating a scarcity similar to "digital oil," attracting long-term capital allocation.

Yield-bearing Asset Attributes

The annualized yield for ETH staking ranges from 2.1% to 4%, allowing institutions to directly stake assets in the protocol to obtain stable cash flow. This "buy-and-stake" strategy has become a new favorite on Wall Street.

Ecological Monopoly Position

Ethereum controls 57% of the TVL in the global DeFi market, with applications such as RWA and stablecoins occupying a significant share. The developer community is active, with technological innovations leading the industry, creating a strong network effect.

Compliance and ETF Driven

The US SEC has approved the Ethereum Spot ETF, the EU MiCA framework has been implemented, and the policy environment has become clearer. BlackRock's ETHA doubled its assets under management in just 10 days, indicating strong institutional demand.

Liquidity and Financial Infrastructure Status

JP Morgan, Robinhood and other giants have incorporated Ethereum into their core businesses, and ETH has become a liquidity anchor asset in the DeFi ecosystem, widely used for collateral, lending, and settlement.

3. Who is crazily accumulating ETH? An analysis of institutional holdings patterns

According to the latest on-chain data, institutional holdings of ETH are continuously breaking records. Bitmine Immersion Tech holds 625,000 ETH, followed closely by SharpLink Gaming with holdings of 438,200. Ether Machine plans to go public and has reserved over $400 million in cash to continue increasing its holdings, which currently stand at 334,757. The Ethereum Foundation holds approximately 245,000 ETH, while Coinbase, as an exchange, holds a reserve of 137,334.

Other companies such as Bit Digital and BTCS are also actively adjusting their asset structures, shifting their focus towards ETH. The total amount of institutional strategic reserves has reached 1.7 million ETH, an increase of 100% compared to last year, accounting for 1.44% of the circulating supply.

IV. Three Major Engines Driving the Ethereum Trillion Dollar Market Capitalization Blueprint

Ethereum founder Vitalik Buterin outlines a clear development roadmap for the next decade. First, the mainnet upgrade will bring more than 10 times the L1 scalability, increasing the transaction processing capacity per second. Second, technologies such as zero-knowledge proofs (ZKP) and trusted execution environments (TEE) will promote privacy protection as a standard, meeting the compliance needs of institutions. Third, the staking threshold will be significantly lowered and the user experience simplified, allowing more ordinary investors to participate in network maintenance.

In addition, the RWA (Real World Asset) tokenization market is rapidly growing, with a projected size of over $250 billion by 2025, and ETH accounting for more than half of the share. As institutions include ETH in their long-term allocation of "alternative assets," the institutional reserves are expected to exceed 5 million in the next three years.

Conclusion

BlackRock's $10 billion ETH bet symbolizes Ethereum's official entry into a new era dominated by institutions. With ETF capital inflows, technological upgrades, and the expansion of the application ecosystem, ETH is transforming from "digital oil" into the operating system of the global digital economy. When traditional financial giants and blockchain-native forces jointly place their bets, Ethereum's trillion-dollar story is just beginning.