Jane Street suddenly changes face! Massive reduction in BTC ETFs, sharply increasing ETH, has the trend completely shifted?

Wall Street quant giant Jane Street's recent moves have stunned the entire market.
They started reducing holdings in BTC ETFs and Strategy stocks, while quietly increasing ETH ETF positions.
What does this mean?
Simply put: major institutions think Bitcoin might have risen too much in the short term.
This round of BTC rally was mainly driven by ETF funds. But the problem is, the market is now highly consensus-driven.
Everyone knows BTC is strong, and chasing higher at this point reduces the odds.
And ETH is different.
Recently, ETH has been somewhat "bottled up," with its gains clearly lagging behind BTC.
But the less attention it gets, the easier it is for a rebound rally to occur.
Especially with ETH ETF funds recently warming up again, institutions are starting to bet again.
There's also a hidden logic: interest rate cut expectations.
If liquidity loosens again in the future, the market usually shifts from "the safest assets" to "high elasticity assets."
BTC is like gold, ETH is more like tech stocks.
Institutions like Jane Street, at this level, prefer to switch styles early.
Additionally, their reduction in Strategy holdings is also interesting.
Because Strategy has essentially become a "Bitcoin high-leverage ETF."
Once BTC fluctuates, its volatility will be amplified.
Institutions are now clearly starting to control risk.
So this rebalancing doesn’t necessarily mean they are bearish on BTC, but more like:
"Bitcoin has already eaten meat, now it's time to drink ETH soup."
The most profitable market moments are often not when everyone is chasing one direction, but when funds start to quietly rotate.
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