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Jane Street rotated out of Bitcoin and into Ethereum. 👀
Not because ETH is “better.”
Because ETH needs far less capital to move the market.
• $BTC market cap: $1.63T
• $ETH market cap: $274B
That’s a 5.9x difference in size.
Smaller liquidity + thinner derivatives market = bigger volatility.
Now add this:
• IBIT cut 71%
• FBTC cut 60%
• MSTR cut 78%
• ETHA nearly doubled
• Galaxy Digital up 8,700%
Over $800M in BTC exposure reduced while ETH exposure expanded aggressively.
Maybe it’s normal rebalancing.
Maybe it’s not.
#Bitcoin #Ethereum #BTC #ETH #Crypto