$BTC

Wall Street is quietly rebalancing its portfolio.
Jane Street is drastically cutting its BTC ETF holdings.
While aggressively increasing its ETH holdings.
The true signal might just be beginning. 👀
The latest disclosures show.
Jane Street in Q1:
Reduced its IBIT holdings by about 71%.
At the same time, reduced its FBTC by about 60%.
On the other hand.
They nearly doubled their holdings in iShares Ethereum Trust.
And even continued to increase Fidelity’s ETH ETF.
The most critical part of this is:
This is not retail investor behavior.
This is capital movement by one of Wall Street’s top market makers.
Many still see ETH as a “shanzhai” (copycat).
But traditional finance,
May have already started to see ETH as:
On-chain financial infrastructure.
Because now, ETH’s logic,
Is increasingly less like a pure crypto asset.
And more like:
The future internet financial settlement layer.
Stablecoins.
RWA (Real-World Assets).
On-chain U.S. Treasuries.
On-chain payments.
AI Agent automated payment systems.
Behind all these,
A large part depends on the ETH ecosystem.
And BTC still leans more towards:
“Digital gold.”
The question is.
When Wall Street begins to think:
Future on-chain financial growth,
Will happen more on the ETH network.
The capital allocation logic,
Will start to change.
More importantly.
The current market attention on ETH ETFs,
Is actually far below that of BTC ETFs.
In other words:
Many funds might be quietly positioning.
But the market has not fully realized it yet. 👀
What’s truly worth noting,
Is not how much Jane Street has reduced its BTC holdings.
But why they suddenly started to clearly favor ETH. 👀$ETH ‌#Gate广场五月交易分享