Ethereum (ETH) continues to witness positive movement despite a recent drop in price following a strong second week of May. Institutional interest has been gradually returning to the cryptocurrency, with Blackrock adding significantly to its ETH holdings and signaling potential demand surge. Analysis reveals that BlackRock purchased $32.5 million worth of ETH on Tuesday, joining Fidelity as another major buyer. This brings their total investment in ETH for May alone to nearly $294 million, making it the largest ETH ETF by holdings. Meanwhile, while other ETFs saw limited positive flows into ETH this month, SharpLink Gaming’s recent announcement and aggressive investments indicate a growing demand for Ethereum. The company aims to create a first-of-its-kind Ethereum treasury reserve using funds raised through an investment round, further increasing ETH supply in the market. Furthermore, exchange reserves are showing renewed strength with positive signals across the last seven days. This indicates that market players are actively acquiring and holding more ETH. While some concerns remain, such as potential resurgence of tariff wars, the overall picture points towards a possible bullish shift for Ethereum.