Ethereum has been stuck in a prolonged downtrend. Prices are down more than 60 percent from the August 2025 highs, sentiment is shaky, and some analysts are floating scenarios where ETH could revisit the $1,400 level before finding a durable bottom.

 

And yet, through all that noise, something else is happening in the background.

 

Investors are still buying BitMine, as BitMine is buying more Ethereum.

 

Not trimming. Not waiting. Buying. In some cases, buying aggressively.

 

 

Ethereum Weakness Sets the Stage

The broader crypto market has been under pressure for months. Spot Ethereum ETFs have seen notable outflows, a sharp contrast to the steady demand flowing into Bitcoin products. That divergence has reinforced the narrative that institutions are leaning toward relative safety in BTC while treating ETH with more caution.

 

Ethereum’s price action reflects that hesitation. Lower highs, fading rallies, and persistent risk off positioning have defined the tape. Even bullish long term analysts concede that the near term setup remains fragile.

 

But the selloff has not scared everyone away.

 

 

BitMine Is Doubling Down

BitMine Immersion Technologies, (BMNR), has quietly become one of the largest corporate holders of ETH after pivoting to an Ethereum treasury strategy in 2025 under Chairman Tom Lee.

 

The company has accumulated millions of tokens, building a balance sheet that is heavily exposed to Ethereum. That exposure has not looked pretty on paper during the drawdown. Reports show billions in unrealized losses as ETH retraced from its highs.

 

Still, BitMine has continued to add.

 

Rather than slowing purchases during weakness, the company has leaned into the downturn. The logic appears straightforward. If the long term thesis around Ethereum remains intact, lower prices represent opportunity rather than risk.

 

It is a classic buy the dip strategy, but on a corporate scale.

 

 

Ark Invest Adds More Shares

Cathie Wood’s Ark Invest has reinforced that narrative. The firm has repeatedly increased its exposure to BitMine across multiple ETFs, adding millions of dollars worth of BMNR shares even as Ethereum remained under pressure. The firm bought a total of 212,314 shares across three of its exchange-traded funds, worth $4.2 million based on Thursday's closing price.

 

Ark has a history of leaning into volatility in high conviction themes. Crypto infrastructure and blockchain exposure remain central to its long horizon strategy. In that context, adding BitMine during a downtrend fits the pattern.

 

For Ark, the weakness in ETH may be noise relative to the structural growth story around smart contracts, tokenization, and onchain financial rails.

 

 

BlackRock Increases Its Stake

It is not just Ark.

 

BlackRock has also boosted its BMNR position significantly, increasing its holdings by more than 165 percent according to recent disclosures. That scale of increase is difficult to ignore, especially in a market where Ethereum linked products have seen soft flows.

 

The timing is notable. While some funds reduced direct ETH exposure through ETFs, large asset managers appear comfortable gaining exposure indirectly through equity vehicles like BitMine.

 

For institutions that prefer regulated equity structures over direct token custody, BMNR offers a levered proxy. It packages Ethereum exposure inside a public company wrapper, complete with traditional reporting and corporate governance.

 

That structure can matter for mandates that limit direct crypto ownership.

 

Why Buy BitMine When ETH Is Falling

At first glance, the trade looks counterintuitive. Ethereum is in a downtrend. ETF flows are mixed at best. Volatility remains elevated.

 

But the bull case rests on a few pillars.

 

First, long term fundamentals. Ethereum still anchors decentralized finance, stablecoin issuance, and a growing tokenization ecosystem. Institutional advocates argue that the network’s utility has not disappeared simply because price momentum has faded.

 

Second, balance sheet leverage. BitMine’s growing ETH treasury creates a scenario where equity performance can amplify moves in the underlying asset. For investors who believe ETH eventually reclaims higher levels, BMNR can offer outsized upside.

 

Third, cycle dynamics. Crypto markets have a history of brutal drawdowns followed by sharp recoveries. Accumulating during periods of pessimism has historically rewarded patient capital, even if timing the bottom is nearly impossible.

 

Investors are clearly looking past the next few quarters and thinking long term on Ethereum.

 

 

The Bottom Line

There is a clear split in the market right now.

 

Short term traders are reacting to chart levels, macro uncertainty, and ETF flow data. Long term allocators appear to be focusing on strategic positioning.

 

The continued accumulation of BitMine shares by names like Ark Invest and BlackRock suggests that institutional conviction in Ethereum infrastructure has not broken, even if spot prices have.

 

That does not guarantee a rebound. Ethereum could test lower levels before sentiment turns. Volatility is part of the asset class.

 

But the steady bid under BitMine tells its own story.

 

Even in a downtrend, capital is being deployed...with intent.

 

For now, Ethereum may be drifting lower. BitMine buyers, however, are still stepping in and definitely betting on Ethereum for the long haul.

 

The world’s largest asset manager is officially getting into DeFi. It has been revealed that BlackRock will be bringing its Treasury-backed digital token BUIDL onto Uniswap, the biggest decentralized exchange in crypto. At the same time, it has accumulated UNI, Uniswap’s governance token. That combination, infrastructure plus equity exposure, is what has the market paying attention.

 

For years, Wall Street talked about tokenization in theory. Now BlackRock is testing it inside a live DeFi venue.

 

 

What Happened

BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL, will now be tradable through UniswapX. BUIDL is essentially a tokenized vehicle holding U.S. Treasurys and short term cash instruments. Think conservative yield product, but wrapped in blockchain rails.

 

This is not retail access. Not even close. Only approved institutional participants can interact with the fund in this format. Liquidity providers are also curated. The architecture blends DeFi execution with compliance guardrails.

 

In other words, this is decentralized plumbing with centralized controls layered on top.

 

At the same time, BlackRock bought an undisclosed amount of UNI. No dramatic governance takeover narrative here, at least not yet. But the signal matters. Buying the token is a way of buying into the protocol’s long term relevance.

 

Markets reacted quickly. UNI rallied sharply on the announcement. Traders interpreted it as validation, not just of Uniswap, but of DeFi’s staying power.

 

 

Why This Is Bigger Than a Listing

Uniswap is not just another exchange. It is core infrastructure in crypto. Billions of dollars in liquidity, years of smart contract iteration, deep composability across chains.

 

For a firm like BlackRock to integrate directly with that stack is a psychological shift.

 

Institutional capital has historically avoided permissionless systems. Concerns around compliance, custody, counterparty risk, and regulatory clarity kept most major players in controlled environments. Even crypto ETFs are wrapped in familiar structures.

 

This move edges closer to open rails.

 

It suggests that large asset managers are beginning to see DeFi less as a speculative playground and more as settlement infrastructure. Faster clearing. Fewer intermediaries. Continuous liquidity. Programmable ownership.

 

Still, it is not ideological decentralization. The participation model is selective. Access is gated. This is not BlackRock embracing cypherpunk philosophy. It is BlackRock experimenting with efficiency.

 

 

The Tokenization Angle

Tokenized real world assets have been one of the most persistent narratives in crypto over the past two years. Treasurys on chain, money market funds on chain, even private credit on chain.

 

The pitch is straightforward. Blockchain rails can make traditional assets easier to transfer, easier to collateralize, and potentially easier to integrate into global liquidity pools.

 

Until now, much of that activity lived in isolated ecosystems. What BlackRock is doing connects tokenized Treasurys to a decentralized exchange environment.

 

If this model scales, it could blur the line between crypto native liquidity and traditional yield products. Imagine on chain funds becoming composable building blocks in lending markets, derivatives platforms, structured products.

 

That is where things get interesting.

 

 

Risk and Reality

There are obvious constraints. Regulatory oversight remains intense. DeFi protocols still face scrutiny in multiple jurisdictions. Smart contract risk never disappears. And institutional risk committees do not move quickly.

 

This is likely a controlled experiment, not an overnight transformation of Wall Street.

 

But it does establish precedent.

 

Once one major asset manager connects to DeFi infrastructure, competitors pay attention. Asset management is not an industry that tolerates strategic disadvantage for long.

 

 

What It Means for UNI

UNI’s price spike reflects more than short term speculation. It reflects a repricing of perceived legitimacy. The price surged more than 30%, but has since retraced some.

 

Governance tokens often struggle to justify valuation beyond fee switches and voting rights. Institutional alignment changes that conversation. If large financial entities begin to treat protocols as infrastructure partners, governance tokens start to resemble strategic assets.

 

That does not guarantee sustained upside. Markets are fickle. But the narrative shift is tangible.

 

 

The Bottom Line

Crypto has long argued that decentralized protocols would eventually underpin parts of global finance. Critics said institutions would build private chains instead. Closed systems. Walled gardens.

 

BlackRock’s move suggests a hybrid path.

 

Traditional finance may not adopt pure decentralization. But it may selectively integrate public blockchain infrastructure where it improves efficiency.

 

That middle ground, regulated access layered onto open protocols, could define the next stage of market structure.

 

For DeFi, this is validation. For Wall Street, it is experimentation. For traders, it is another reminder that crypto infrastructure is no longer operating in isolation.

For something this significant, the reaction from crypto markets has been oddly quiet.

 

BlackRock’s tokenized money market fund, BUIDL, has now crossed $2 billion in assets and paid out more than $100 million in dividends to token holders. In any other cycle, those numbers would have dominated headlines. Instead, it feels like background noise, almost too traditional to be exciting, and maybe that is exactly the point.

 

Because BUIDL is not trying to reinvent finance. It is doing something much simpler, and arguably more important. It is putting real, regulated yield on chain, at institutional scale, and proving that the infrastructure actually works.

 

A Tokenized Fund That Acts Like a Money Market Fund

 

At its core, BUIDL is straightforward. The fund holds short term US Treasuries, cash, and repo agreements. The same assets that back traditional money market funds. No leverage, no exotic structures, no crypto native yield tricks.

 

What makes it different is how ownership is represented.

 

Instead of shares living inside legacy fund systems, BUIDL issues tokens that represent claims on the fund. Those tokens exist on public blockchains. Dividends are distributed on chain. Transfers settle without waiting for banking hours or back office reconciliation.

 

For crypto natives, this might not sound revolutionary. For institutions used to T plus settlement and restricted access windows, it is a real upgrade.

 

From Experiment to Infrastructure in Under Two Years

 

When BlackRock launched BUIDL in early 2024, many in crypto saw it as a symbolic move. A toe in the water. Something to signal interest without real commitment.

 

That framing no longer holds.

 

The fund scaled quickly, crossing $1 billion in assets within its first year, then continuing to grow past $2 billion by the end of 2025. Along the way, it paid out more than $100 million in dividends sourced from traditional fixed income returns, not token emissions or incentives.

 

That last part matters. This is not yield propped up by growth assumptions. It is yield coming from government debt, flowing directly to wallets.

 

Why This Matters to Crypto, Specifically

 

Crypto has spent years talking about real world assets and on chain yield. BUIDL is one of the first examples where those ideas are operating at scale without collapsing under their own complexity.

 

The fund gives on chain capital something it has often lacked: a low risk, regulated place to sit. For DAOs, market makers, funds, and protocols managing large treasuries, that is a meaningful development.

 

Instead of choosing between idle stablecoins or higher risk DeFi strategies, capital can now earn government backed yield while staying on chain. That is a structural shift, not a narrative one.

 

Multi Chain, Because Liquidity Does Not Live in One Place

 

Another reason BUIDL has gained traction is its multi chain approach.

 

The fund launched on Ethereum but has since expanded to several other networks, including Solana, Avalanche, Polygon, Optimism, Arbitrum, and Aptos. This is less about chasing ecosystems and more about recognizing reality.

 

Liquidity in crypto is fragmented. Institutions operate across multiple chains depending on speed, cost, and integration needs. By meeting them where they are, BUIDL avoids forcing a single technical choice and makes adoption easier.

 

It also reinforces an important idea: tokenized assets do not need to be chain maximalist to succeed.

 

The $100 Million Dividend Signal

 

The dividend milestone deserves more attention than it is getting.

 

More than $100 million has been paid out to token holders since launch. Not promised. Not projected. Paid.

 

In a space where yield numbers are often theoretical or short lived, that consistency stands out. It shows that on chain finance does not need to rely on speculation to be useful. Sometimes it just needs boring assets, clean execution, and trust in the issuer.

 

BlackRock’s involvement removes a layer of counterparty doubt that has historically limited institutional participation in DeFi adjacent products.

 

A Quiet Shift in Power Dynamics

 

There is an uncomfortable implication here for parts of crypto.

 

One of the largest asset managers in the world is now offering a product that competes with stablecoins, treasury backed tokens, and some low risk DeFi yield strategies. And it is doing so with regulatory clarity, scale, and brand trust.

 

That does not mean those products disappear. But it does raise the bar.

 

If tokenization is going to define the next phase of crypto infrastructure, it will not only be driven by startups and protocols. It will also be shaped by institutions that understand capital, compliance, and distribution.

 

Why This Moment Matters

 

BUIDL passing $2 billion in assets and $100 million in dividends is not a hype event. It is an adoption event.

 

It shows that tokenization can move beyond proofs of concept. It shows that on chain assets can generate real world yield without sacrificing regulatory guardrails. And it shows that crypto infrastructure is increasingly being used not just for speculation, but for cash management.

 

That may not pump tokens overnight. But it is the kind of progress that sticks.

 

And once institutions get comfortable earning yield on chain, the rest of the ecosystem tends to reorganize around that reality.

 

Stay Connected

 

You can stay up to date on all News, Events, and Marketing of Rare Network, including Rare Evo: America’s Premier Blockchain Conference, happening  July 28th-31st, 2026 at The ARIA Resort & Casino, by following our socials on X, LinkedIn, and YouTube.

BlackRock Says Bitcoin ETFs Are Now Its Top Revenue Source, Marking a Major Shift in Institutional Finance

BlackRock, the largest asset manager in the world, has confirmed that its Bitcoin exchange traded funds have become its single most profitable product line. The company’s U.S. spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), along with related crypto investment offerings, now generate more annual revenue than any other BlackRock ETF category. This development signals a powerful shift in how traditional finance views crypto assets. Bitcoin is no longer at the fringe of the investment landscape. It is becoming a core part of institutional portfolios.

 

The Rapid Rise of IBIT

BlackRock launched IBIT in early 2024. In less than two years the fund surged to tens of billions of dollars in assets under management. IBIT’s fee revenue now rivals, and in many cases exceeds, long established equity and index funds that were once the backbone of BlackRock’s ETF business.

The growth was faster than almost any ETF in history. Internal reports also show that BlackRock’s own multi asset portfolios have increased their IBIT exposure over the past year, signaling strong conviction from the firm’s internal investment teams.

The message is clear. Bitcoin is not only an asset class investors want. It is an asset class that produces serious fee revenue for traditional institutions.

 

Why This Matters for Global Finance

1. Bitcoin Has Moved From Speculation to Foundation

The overwhelming demand for Bitcoin exposure through regulated ETFs shows that the asset has crossed a threshold. For years it was considered too volatile or too risky for institutions. Now the largest asset manager on the planet is stating publicly that Bitcoin has become its most profitable ETF category. That represents a structural change.

This shift encourages pension funds, endowments and corporate treasuries to consider Bitcoin exposure through safe, regulated channels. It legitimizes the asset in ways no amount of marketing or evangelism could ever achieve.

2. Fee Revenue Validates Long Term Sustainability

For institutions, large inflows are only part of the story. Sustainable, recurring fee revenue is the real prize. Bitcoin ETFs are proving they can deliver consistent income to managers, something that reinforces long term commitment to the product line. This encourages competitors to join the market and expands access for investors.

3. Liquidity and Market Maturity Improve

When institutional inflows grow, liquidity becomes deeper and more stable. Bitcoin has historically suffered from sharp market swings amplified by retail activity. With more participation from institutional ETFs, price discovery becomes smoother and more efficient. This maturation attracts even more institutional participants.

4. Crypto Native Firms Face Pressure to Evolve

As traditional finance embraces Bitcoin through regulated ETFs, crypto native platforms that previously benefited from being the main entry point into the ecosystem now face increased competition. Investors may favor regulated products, compelling exchanges and custodians to improve compliance, transparency and user protections.

 

Risks and Challenges Still Linger

Despite the momentum, several risks remain.

• ETF inflows are sensitive to macroeconomic conditions. Periods of volatility can trigger outflows even for successful funds.

• Regulatory changes remain a constant factor. Any shift in U.S. or international policy could affect accessibility and demand.

• Concentration risk is increasing. If too much institutional capital is routed through a handful of ETFs, any operational issue could create market wide instability.

• The infrastructure powering these funds, from custody to auditing, is still relatively new compared to traditional financial systems.

The crypto markets may be maturing, but they are not yet fully stable.

 

What Comes Next

Given the trajectory, several outcomes appear increasingly likely:

• More asset managers will expand their crypto ETF offerings to capture demand.

• Bitcoin ETFs may find their way into pension fund models, sovereign wealth funds, and insurance allocation strategies.

• New hybrid funds could emerge, combining Bitcoin with equities, commodities and fixed income into a diversified multi asset product.

• As custodial technology matures, institutions will grow even more comfortable allocating large amounts of capital.

• Regulatory clarity in major markets will continue to strengthen, reducing uncertainty and encouraging broader adoption.

In other words, Bitcoin is rapidly becoming intertwined with mainstream finance rather than existing apart from it.

 

Final Thoughts

BlackRock’s confirmation that Bitcoin ETFs are now its top revenue source represents a profound moment in financial history. For the first time a major global asset manager is not only offering Bitcoin exposure but generating more revenue from it than from any other ETF product. This is a powerful endorsement of Bitcoin’s staying power, its commercial viability and its growing role in global markets.

Skeptics who once dismissed Bitcoin as a passing trend may now find themselves reassessing their position. Institutions thrive on scale, predictability and revenue. Bitcoin ETFs are now providing all three.

 

This milestone signals that the era of institutional Bitcoin is not approaching. It is already here.

Ethereum’s Breakout Moment Is Here and BlackRock’s ETF Filing Proves It

While headlines fixate on short-term price swings, Ethereum may be at the cusp of its next major wave. At the center of this shift is BlackRock’s amended filing for its iShares Ethereum Trust (ETHA), which proposes to bring institutional-grade staking and regulated access to ETH. This is not just a finance story—it’s a structural paradigm change for how Ethereum is invested and valued.

If approved, BlackRock’s ETF could act as a catalyst—unlocking massive new inflows, embedding ETH in mainstream portfolios, and turning institutional interest into tangible upside.

 

What BlackRock Filed and Why it’s Huge

BlackRock has submitted an amendment to the ETHA ETF that would allow the trust to stake ETH and treat the rewards as income, effectively transforming the product from simply price exposure to yield-bearing crypto exposure. This amendment includes:

• A proposal to delete a prior clause preventing the trust’s ETH holdings from participating in validation.

• A mechanism to stake “all or a portion” of ETHA’s holdings via trusted providers, with rewards flowing back to shareholders.

• A shift to align with new regulatory frameworks that streamline approval of commodity-based ETFs and staking products.

Regulators have already acknowledged the filing and opened the standard review period, triggering a countdown to what many analysts believe could be an approval by late 2025. When you combine this regulatory momentum with BlackRock’s track record—an almost flawless ETF approval history—the odds for ETH explode upward.

 

Why This Launch Could Define Ethereum’s Next Cycle

1. Institutional Capital Deployment

With ETH ETFs now live and staking potentially baked in, large capital allocators—pension funds, endowments, sovereign wealth—can meaningfully access Ethereum in regulated wrappers. That changes the demand dynamic forever.

2. Yield Gains as Unique Edge

Ethereum already offers staking yield, unlike many alternative blockchains. By giving ETF-holders access to that yield through BlackRock’s product, ETH becomes not just a growth asset but an income asset—making it far more palatable to traditional allocators.

3. Structural Asset Upgrade

Ethereum is moving beyond speculative narratives into real infrastructure status. It is the settlement layer for DeFi, tokenization, Web3 apps and smart contracts. With staking built into ETF exposure, ETH’s role becomes even more core.

4. Timing with Market Positioning

Recent price consolidation and quiet sentiment have created the ideal setup for a catalyst. With few eyes on ETH right now and fundamental forces aligning behind the scenes, this could be the calm before the breakout.

 

Technical & Market Indicators Align

• ETH trading near long‐term support zones with major moving averages acting as floors.

• ETF flow data showing institutional interest remains strong even while retail sentiment fades.

• On-chain metrics such as declining exchange reserves and increasing staking participation pointing toward supply tightening.

• The ETF filing and staking mechanism represent a potential inflection point that could drive a re-rating.

 

Why ETH Has Unique Advantages Going Forward

• Largest ecosystem of smart contracts, developers and real-world use cases among Layer-1 blockchains.

• Staking income combined with price appreciation offers a differentiated proposition.

• Institutional access improving rapidly thanks to regulated ETFs, bridging DeFi and traditional finance.

• Upgrade roadmap remains robust with scalability, rollups and data availability enhancements creating optionality.

• BlackRock’s move validates ETH’s role not just as a crypto asset but a mainstream digital asset infrastructure.

 

Bullish Outlook & Price Implications

Given all these factors, Ethereum is positioned for a meaningful re-rating, not just a rebound from cyclical lows. When catalysts align we could see ETH back into the multiple thousands of dollars range. Analysts looking at yield, ecosystem growth and institutional flows place year-end targets above $5,000, with upside into $6,000 plus if staking gets approved and inflows accelerate.

This is less about short-term trading and more about stepping into a new phase of digital asset infrastructure. Ethereum isn’t just recovering, it is transforming.

 

Final Thoughts

BlackRock’s staking-enabled Ethereum ETF filing may be the single most important development for ETH in 2025. It turns regulatory signals into capital access, theoretical yield into actual income and “crypto asset” into “institutional allocation.”

For long-term believers, Ethereum offers one of the most compelling asymmetric opportunities in all of crypto. It combines infrastructure dominance, yield potential, deep liquidity and a clear growth trajectory. The market may appear quiet now, but the pieces are aligning for something much bigger.

 

If history and fundamentals hold true, ETH’s next chapter could be far greater than its last. The moment may be quiet, but the setup is anything but.

 

Stay Connected

You can stay up to date on all News, Events, and Marketing of Rare Network, including Rare Evo: America’s Premier Blockchain Conference, happening  July 28th-31st, 2026 at The ARIA Resort & Casino, by following our socials on X, LinkedIn, and YouTube.