As of August 20, 2025, 12:44 CEST, competition in the cryptocurrency ETF market continues to heat up, with 12 institutions jointly investing $15.8 billion, igniting a funding battle. According to the latest market dynamics, BlackRock leads with an overwhelming advantage, attracting over 90% of capital, far ahead. However, several other ETFs are gradually falling behind due to poor performance, and the trend of market differentiation is becoming increasingly evident.
BlackRock leads, with capital focusing on BTC and ETH
With its brand influence and strategic layout, BlackRock has become the main force in attracting capital. Its flagship products, iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust ETF, have performed remarkably, with net capital inflows far exceeding peers. Market data shows that BlackRock bought about $640 million in ETH in early August, while the value of IBIT holdings has exceeded $10 billion, highlighting its firm confidence in BTC and ETH. Regarding buying prices, BTC’s average price in July-August 2025 was around $115,000 - $120,000, while ETH was in the $4,500 - $4,800 range, with institutions actively accumulating during high-level fluctuations, buying at an average price about 5%-8% lower than recent peaks (BTC around $122,000, ETH around $4,900), reflecting a certain risk management strategy.
Aside from BlackRock, 11 other institutions are also actively participating, with a total investment of $15.8 billion. The main investment projects and buying prices of institutions are as follows:
Fidelity Wise Origin Bitcoin Fund (FBTC): Fidelity invested approximately $270 million in ETH, and FBTC holdings are steadily increasing. The buying price is consistent with the market average of ETH, around $4,600, indicating optimism about its long-term value.
Grayscale Bitcoin Trust (GBTC) & Ethereum Trust: Grayscale invested about $80 million in ETH, with GBTC holdings valued at approximately $36 billion. The buying price is around $4,400/ETH, slightly below the average price, possibly taking advantage of market adjustments for low buys.
ARK 21Shares Bitcoin ETF (ARKB): ARK Invest and 21Shares jointly invested approximately $500 million in BTC, with a buying price in the range of $118,000 - $120,000, betting on BTC breaking through the $125,000 mark.
VanEck Bitcoin Trust (HODL) & Bitwise Bitcoin ETF (BITB): VanEck invested approximately $300 million, and Bitwise around $200 million, focusing on BTC, with a buying price around $117,000 - $120,000, consistent with BlackRock’s trend.
Invesco Galaxy Bitcoin ETF & Franklin Bitcoin ETF: The two institutions collectively invested approximately $400 million in BTC, with buying prices in the range of $116,000 - $119,000, reflecting confidence in BTC's stability.
21Shares Core Ethereum ETF (CETH): 21Shares invested approximately $150 million in ETH, with a buying price around $4,700, closely following the ETH breakout trend.
Purpose Bitcoin ETF (BTCC): Canadian institution Purpose Investments invested approximately $120 million in BTC, with a buying price around $117,000, continuing its layout since 2021.
These investments are mainly concentrated in $BTC and $ETH , with some institutions like VanEck and Grayscale also attempting to lay out Solana (SOL) and Cardano (ADA) related trust conversion ETFs, but with smaller capital scales.
Market information shows that ETH is attracting funds due to ecological benefits (such as Lido staking growth), while BTC is driven by the U.S. digital asset reserve proposal and the Federal Reserve's interest rate cut expectations (100% probability on September 17).
Analysis of buying prices and market timing
Institutional buying prices reflect their market judgment, with BTC buying in the range of $115,000 - $120,000, about 5%-8% lower than the historical high of $122,000, indicating a strategic accumulation during high-level fluctuations. The $4,500 - $4,800 range of ETH closely follows the breakout trend, showing confidence in the Ethereum ecosystem. Market analysis suggests that institutions may be combining technical indicators (such as RSI overbought pullbacks) or macro events (such as interest rate cut expectations) for low buys, adopting a relatively cautious strategy.
Multiple ETFs lag behind as competition intensifies
Despite the overall market being hot, small and medium-sized institutions like ProShares Bitcoin Strategy ETF (BITO) and some futures ETFs are experiencing weak capital inflows due to high fees (1.25%) and tracking errors. Market sentiment shows declining interest from investors, with some products experiencing net outflows. The Matthew Effect is evident; lagging players may face marginalization risks if they do not optimize their products.
Recommendations
The cryptocurrency ETF market is highly competitive, with BlackRock leading by attracting 90% of capital, followed closely by Fidelity, Grayscale, and others, focusing primarily on BTC and ETH. The buying prices indicate institutional high-level layout, with BTC around $115,000 - $120,000 and ETH around $4,500 - $4,800, for reference.
Referencing the buying prices of institutions, especially leading institutions, along with candlestick trends, make reasonable adjustments to positions, and simply follow along. The buying prices by institutions have certain reference value for subsequent pullbacks and selling prices, after all, capital is not a charity, and it cannot hang itself on the mountaintop. The stretch of ETH and breaking new highs is just a matter of time; it is still recommended to look for low points to go long.