According to lookonchain's data, funds are rotating in the short term: BTC ETF is flowing out, ETH ETF is flowing in. Core Data (August 13th) Bitcoin ETF Net daily outflow of 1132 BTC (approximately $72 million) Net outflow of 202 BTC in 7 days (slight outflow) The main outflow party: Fidelity (FBTC) had a daily outflow of 740 BTC, and BlackRock also had a slight outflow. Ethereum ETF Single day net inflow of 3947 ETH (approximately $7.47 million) 7-day net inflow of 65941 ETH (approximately $125 million, strong performance) Almost entirely contributed by BlackRock (ETHA) (+3923 ETH in a single day,+53000 ETH in 7 days), while Fidelity (FETH) had 0 ETH on the same day, but also had+3735 ETH in 7 days What did it explain? 1. Institutional funds are being reallocated Transfer money from BTC products to ETH products. It's not evacuation encryption, it's internal rotation. The total BTC holdings are still 1.21 million coins (77.5 billion US dollars), which is much larger in scale and appears to be larger in absolute amount, but relatively speaking, the inflow of ETH is more prominent. 2. Short term reasons why ETH is more favored Fidelity has just submitted a document to add staking function to FETH (which can earn staking income and prepare quarterly dividends). Please refer to https://(x.com)/lanhubiji/status/2088104931601658213 for details? s=46 The market has started trading the logic of "ETH product upgrade" - institutions are more willing to take interest bearing assets. BlackRock's ETHA continues to attract funds, indicating that large funds still have a willingness to allocate ETH. 3. Not bearish on BTC In the past 7 days, BTC has only experienced a slight net outflow, with strong inflows in the past few days. It's more like short-term profit taking+fund rebalancing, rather than a trend driven withdrawal. Summary: Institutions currently prefer ETH, which can generate profits, while BTC experiences a slight correction after digesting previous inflows. Based on the news of the Fidelity pledge, the funding situation for ETH is relatively positive in the short term.