BTC and ETH have now become two different asset classes,

they have completely different buyers and bull-bear structures,

and both have started to experience a shift away from retail speculation towards institutional allocation and utility-driven investments.

$BTC is becoming a global macro hedge asset, with investors focusing on fiat currency depreciation, debt cycles, and the risk-resilience of asset allocation.

$ETH is viewed as a yield-bearing asset in the digital economy, with marginal buyers focusing on network cash flow, staking yields, and the expansion speed of on-chain ecosystems.

The buying logic of BTC has completely shifted from speculation to reality, transitioning from mere speculation to traditional balance sheet management.

The largest buyers are naturally ETFs, but in reality, the biggest role of ETFs for BTC is passive allocation; many institutions (such as pension funds and endowments) have begun to include BTC in their 60/40 investment portfolios (for example, allocating 1-3%),

this type of buying is insensitive to price, belongs to long-term stable passive buying, and is a form of automatic investment in BTC, which will unknowingly raise the price floor of BTC, which is why I believe BTC is unlikely to experience a serious collapse.

The buying structure of ETH, although complex, is easy to understand; although ETH also has ETFs, in reality, some investors in ETH place importance on the risk-free rate on-chain.

Some institutions optimistic about ETH are more yield-oriented, buying spot and staking, which is also why the scale of ETH's ETF seems smaller than that of BTC, as a large amount of demand is diverted to on-chain staking.

Investors in the crypto space rarely pay attention to traditional investors' views on ETH; the blue-chip ETH in our eyes is akin to high-volatility alpha of small-cap altcoins in traditional fields, their attention to Ethereum's income dividends is higher than imagined.

The yield-oriented institutions mentioned earlier regard ETH as an alternative bond, especially when U.S. Treasury yields are falling (in the current interest rate cut cycle), the 3-4% staking yield of ETH will quickly attract institutions seeking returns, as long as ETH’s yield outperforms the 10-year U.S. Treasury allocation, they will automatically buy in, regardless of the narrative.

Wenjing focuses on strategically positioning in Ethereum contracts, and the team still has spots to jump in at #加密市场观察 $BTC