BlackRock's IBIT (Bitcoin) captures the lion's share of fresh capital. Meanwhile, Ethereum ETFs see modest inflows or flat trading. Follow the billions, and you'll find the institutional thesis.
Bitcoin is simpler: fixed supply, network effect, digital gold narrative. Ethereum is complex: staking risks, L2 ecosystem fragmentation, and regulatory uncertainty around PoS. Institutions prefer simplicity.
Dencun upgrades, Shanghai staking changes, L2 competition from Solana and Sui, SEC scrutiny. For risk-averse institutions, Bitcoin's straightforward narrative beats ETH's moving target.
If Bitcoin dominance keeps rising and Ethereum lags, altseason never comes. Stack Bitcoin, watch Ethereum struggle, and wait for regulatory clarity before chasing altcoin rallies.
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