Let's take a look at Brevan Howard's holdings in cryptocurrency ETFs, which is quite interesting.

According to the U.S. SEC's 13F filing, as of June 30, this asset management company has a clear bias in its crypto ETF allocation: "heavy on Bitcoin, light on Ethereum." Specifically:

Bitcoin ETF (iShares Bitcoin Trust) holds 37.506 million shares, plus 400,000 put options, with a total value of approximately $2.32 billion, accounting for over 99.6% of its total crypto ETF holdings;

Ethereum ETF (iShares Ethereum Trust) holds only 43,700 shares, valued at about $806,000, accounting for less than 0.4%.

The contrast is quite stark: Bitcoin-related holdings are nearly 2,880 times that of Ethereum. On one hand, this may be because Bitcoin, as the "leading cryptocurrency," has higher market recognition and liquidity, making institutions more willing to take large positions; on the other hand, the recent volatility in the Ethereum ecosystem may have made institutions more cautious.

Additionally, the move to hold put options on the Bitcoin ETF is also quite interesting, as it reflects a strategy of maintaining a "risk hedge" while holding a large position, aiming to profit from Bitcoin's rise while being wary of sudden drops that could lead to significant losses, which is a typical conservative strategy for institutions. $BTC