The $12.6 trillion repo market, traditionally dominated by banks, hedge funds, and brokers, is increasingly migrating to Ethereum. As of April 2026, the total crypto market cap stands at approximately $2.7 trillion, while the daily turnover of the repo market is nearly ten times that amount. This shift is driven by more institutional activities settling on Ethereum and idle liquidity being parked in ETH-denominated yield tools. The staking yield for ETH, around 3.8% for independent stakers, is emerging as a relevant on-chain risk-free rate.