We’re entering a new phase folks; less retail hype, more institutional rotation. Here’s why that matters, and what’s happening 🧵 From July 15-17, a Satoshi-era wallet moved 80,202 $BTC to @GalaxyHQ, with 6K BTC sent to exchanges. Despite one of the largest transfers in crypto history, BTC held above $118K. 1) BTC absorbed the supply shock. Our team noticed: > $1.94B in ETF inflows during the same period > YTD flows now $54.2B, driven by pensions, insurance, and macro allocators > @DeFiTechGlobal added 208.8 BTC (~$25.6M) > @Saylor’s reserves exceeded $71B > CME: 7 straight weeks of asset manager net buying > 1-month realized vol stayed anchored around 24% 2) $ETH is leading the next leg > Nasdaq’s revised iShares ETF filing includes staking—the first of its kind > $1.81B in ETH ETF inflows last week (largest since launch) > ETH ETF AUM now > $7.1B > Staked ETH: 36.1M (~30% of float) > Exchange balances dropped to 8.9M ETH (lowest since 2015) > Treasury participation growing: over 560K ETH held across public firms, mostly staked 3) Technical confirmation > ETH/BTC broke out of a 6-month cup & handle at 0.0305 > ETH outperformed BTC by 27.5% WoW >A close above $3,700 targets a retest of 2024 highs near $4,100 What's happening? ETH is being structurally revalued, as a capital asset and a yield instrument. When ETH leads, alt-beta follows. Capital rotation has already started.