Fidelity’s application seeks to allow its Ethereum ETF to participate in staking and distribute returns to holders—this move carries far more weight than it appears on the surface. In the past, when institutions bought $ETH ETFs, it was essentially just to obtain price exposure; once approved, it becomes an income-generating, cash-flow asset. This shift will directly affect the valuation framework for ETH. Within traditional capital, allocations that prefer “yield-producing” positions will likely be more willing to step in, enter, and hold. My personal view is that this could become a key turning point in the logic behind subsequent inflows into ETH.