US Banks Q2: MSTR Cut 70%, ETHA Soars 29x

The scale of the rotation is the signal: a 70% cut to the largest corporate bitcoin proxy alongside a 29-fold jump in an Ethereum ETF suggests bank portfolios are being rebalanced at the product level, not just trimmed. That matters because banks are disclosure-bound holders, so their filings become a visible read on institutional preference between the two assets. Whether this is a one-quarter repositioning or the start of a durable tilt toward Ethereum-linked vehicles is the open question; the next filings will show if the direction holds.