Ethereum accounts for 71.9% of all tokenized fund assets, and BlackRock has just filed to make its lead nearly impossible to close.
Recently, BlackRock, the world’s largest asset manager with $14 trillion under management, filed two new filings with the SEC.
The company proposes to launch the $7 billion Select Treasury Liquidity Fund (BSTBL) and a new BlackRock Daily Reinvestment Stablecoin Reserve Vehicle tokenized share class.
Both products run on Ethereum using ERC-20 tokens. The infrastructure of institutional finance is being built and it is built on one chain.
Wall Street didn’t get here overnight.
In 2021, Franklin Templeton launched BENJI, which tokenized $594 million in government assets. In 2024, BlackRock launched BUIDL (now $2.5 billion).
Also in 2025, JP Morgan launched MONY, the first tokenized fund by a globally systemically important bank. Now BSTBL. tokenized usa
The government bond market has grown to $14 billion as of May 2026, and Ethereum holds about $8 billion of that. 4 institutions. One blockchain.
Is this really bullish? $ETH?
BSTBL is not DeFi. It is a BlackRock money market fund based on Ethereum, offering regulated yield, on-chain payments, and 24/7 liquidity.
all transactions burn $ETH As a gas. BlackRock is specifically targeting the $320 billion stablecoin market, or investors who currently hold digital dollars but earn little or no yield.
Take even a small part of it, $ETH-Native products are structural demand catalysts.
Take a quick look at the chart
ETHUSD (weekly): As of May 12, 2026 timestamp 06:20 UTC, $ETH The stock is trading at $2,312.28, down -2.48% for the week.
The parabolic SAR of $1,894.25 is well below the price, confirming that the weekly trend is technically bullish despite the pullback.
The RSI divergence indicator at 43.83 is rising from deeply depressed levels and well below the 50 midline. This means there is significant room to execute before an overbought signal appears.
Let’s look back at the entire history of the chart. Every time the RSI recovers from this zone on a weekly basis, $ETH It continues to move in a sustained direction.
The current numbers closely reflect the previous pre-rally setup. The dashed red horizontal line near $2,200 has absorbed multiple weekly tests without breaking out.
We are building a real floor structure. The price is consolidating just above it but will not break out from there.
A definitive weekly close above $2,400 would be the first clear confirmation that the recovery is gaining momentum.
ETHBTC (weekly): For Bitcoin, $ETH is 0.02845, far from the cycle high of 0.06760.
The Bollinger Bands show that the price is pushing the lower band at 0.02674. This zone is a historically marked zone. $ETHthe most important of $BTC-Relative recovery.
The MACD lines at -0.00012 and -0.00081 are compressing each other. The histogram is shrinking. The potential inflection is $BTC pair.
If not Ethereum, which chain?
BNY Mellon will manage BSTBL’s official shareholder register directly on-chain using the ERC-20 token standard.
This makes Ethereum the legal payments layer for one of the world’s largest cash management products.
Franklin Templeton chose Ethereum. Blackrock picked it twice. JP Morgan also chose it.
When four of the most risk-averse institutions on the planet come together independently and on the same infrastructure, it stops being a preference and starts to become the norm.
The question is no longer whether Ethereum will win the tokenization race. The question is how big the prize will be before the market fully determines the price.
Disclaimer:
This article is for informational purposes only and does not constitute financial, investment, or trading advice. The views expressed are based on publicly available data, market observations, and the author’s interpretation at the time of writing. Cryptocurrency markets are highly volatile and unpredictable, and past performance or current technical settings do not guarantee future results. Readers should conduct their own research and consult a qualified financial advisor before making any investment decisions. TechGagged is not responsible for any losses incurred based on the information presented.
