Bitcoin ETF holdings surpass 155 billion, setting a historic high, institutional whales shift towards Ethereum

The total holdings of Bitcoin spot ETFs have surpassed $155 billion (accounting for 6.6% of the circulating supply), reaching a historic peak, marking a new phase in institutional capital allocation to cryptocurrencies. Giants like BlackRock and Fidelity dominate over 90% of the market share, with BlackRock's IBIT holding 662,500 BTC (3% of the total Bitcoin supply), pushing the institutional market share up to 48% and significantly reducing volatility by 22%. This process transforms Bitcoin from a fringe asset into a compliant financial instrument, accelerating the entry of pension and insurance funds, but the high concentration of institutions also raises questions about the spirit of decentralization.
Recent capital flows reveal a structural shift in the market: Bitcoin ETF saw a net outflow of $2 billion in August, while Ethereum ETF attracted nearly $4 billion during the same period, with a weekly peak inflow of $3.7 billion. The migration of funds from Bitcoin to ecosystem assets like Ethereum reflects a preference shift among institutions from "value preservation" to "ecosystem growth." If Ethereum ETF holdings surpass Bitcoin in September, along with the potential approval of new ETFs like XRP, it will catalyze the market into a new "ecosystem selection" cycle, driving ETH to challenge the $7,500 target, while Bitcoin needs to hold the critical support level of $112,000 to maintain bullish momentum. #九月份加密市场能否突破