US Bitcoin ETFs have reached $5–10 billion in daily trading activity, now representing 13.1% of global spot volume since the US elections, making them the third-largest venue behind Binance and Crypto.com. While Bitcoin ETFs saw $800 million in outflows during August, Ethereum ETFs gained $4 billion in net inflows, led by BlackRock’s ETHA with $262.6 million. Ethereum ETF assets now stand at $30.17 billion, about 5.4% of ETH’s market cap, compared to Bitcoin ETFs’ $144.6 billion, or 6.5% of BTC’s market cap. Corporate treasury moves intensified the shift, with BitMine Immersion acquiring $2.2 billion in ETH, becoming the largest corporate holder. Meanwhile, analysts warn that Bitcoin treasury strategies, modeled by MicroStrategy, face risks from negative carry trades and credit cycle stresses.