Key Takeaways:
- Ethereum has surged 80% since April, with expectations of a major rally driven by institutional activity.
- BlackRock’s aggressive ETH accumulation signals a potential supply crunch and bullish outlook.
- Ethereum’s on-chain data and ETH/BTC trends suggest a turning point for long-term upside momentum.
Ethereum’s market trajectory is showing signs of explosive growth, and much of that optimism stems from one name: BlackRock. The world’s largest asset manager has reportedly purchased 269,000 ETH since May 9, 2025, amounting to $673.4 million.
This haul represents roughly 0.23% of ETH’s entire supply, scooped up in just 30 days. Notably, these purchases continued even as BlackRock trimmed Bitcoin ETF holdings, indicating a distinct strategic pivot.
This institutional interest didn’t emerge randomly. In April, BlackRock executives reportedly met with the SEC to discuss ETH-related staking and tokenization. The timing of this meeting and the subsequent buying spree point to internal confidence about Ethereum’s regulatory standing and future utility.
Such moves tend to precede major market events. For context, Bitcoin’s leap from $76,000 to $112,000 was largely backed by BlackRock’s aggressive inflows, suggesting ETH may now be gearing up for a similar trajectory.
Ethereum’s Network Activity Rebounds Strongly
Increased bullish sentiment due to vigorous on-chain activity by Ethereum. After several months of low movements, total Ethereum transactions reached 42 million in May, the highest since May 2021.
Daily active addresses crossed 440,000, and monthly fee revenue reached $42.5 million, nearly doubling the figure for April. The volume on the decentralized exchange went up to $70.5 billion, proving again that activity in the ecosystem has been relaunched.
Ethereum’s stablecoin supply hit an all-time high of $125 billion, indicating more utilization of the network and wider economic activity. All these factors indicate a change from the period of stagnation that had earlier restrained the movement of ETH prices.
Increasing demand coupled with increased token burns, any eventuality relating to supply tightening would further strengthen its case for upward price pressure in the upcoming quarters.
ETH/BTC Ratio and Institutional Momentum Converge
The ETH/BTC ratio is at a six-year low recently, with the ratio trading close to 0.03, which has historically been a level linked to reversals. The weekly RSI for this pair hit an unprecedented low too, indicating oversold conditions. In previous cycles, such metrics preceded massive outperformance by Ethereum.
A further layer of optimism is added by SharpLink Gaming’s surprise pivot to Ethereum. The firm declared a $1 billion capital raise almost entirely directed to ETH buying. Its shares soared 1,400% after the announcement of a model that might attract many other companies to take ETH exposure.
A close observer of such trends, Axel Bitblaze estimates that Ethereum will end this year in the range of $6,000–$6,500 but could blow off the top to around $9,000 by early 2026. The setup closely echoes the parabolic altcoin phase of 2017, and once again Ethereum may be spearheading it.
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