Bitwise Bitcoin ETF (BITB) saw a net inflow of $83 million last week, ranking second in the United States; its European and American Ethereum ETP attracted $28 million simultaneously, reversing a trend of continuous outflows. CEO Hunter Horsley pointed out that Bitcoin is competing for a $30 trillion share of government bond storage, while Ethereum is receiving spillover funds from technology stocks.

Analysis by Qin Ge

Bitcoin Logic: The allocation rate of wealth management platforms increased from 0.1% to 0.5%, creating a rigid demand. Futures premium arbitrage (annualized 10%) contributed 30% of the inflow, and tax-exempt policies stimulated short-term allocations; Ethereum Turning Point: The market cap/TVL ratio at 1.6 is at a historical low, and the Dencun upgrade's cost-reduction effect is driving a 40% quarterly increase in TVL, while the EU MiCA recognizes that staking rewards are not securities, lifting regulatory shackles; Operational Differentiation: Bitcoin ETF can increase holdings if it stabilizes above $105,000, while Ethereum ETP needs to gamble on the SEC's staking ruling in August (if approved, it targets $3,800). Bitwise's dual-line strategy covers 'Bitcoin Financialization + Ethereum Technologization', with the latter having greater elastic space.