华尔街7月以太坊ETF资金流入超比特币，机构转向质押收益

In July, US spot Ethereum ETFs pulled in $365 million. In that same month, US spot Bitcoin ETFs managed only $172 million. And that comes after $2.4 billion out in May and $4.5 billion out in June, the largest single month of Bitcoin ETF outflows on record. Meanwhile, Tom Lee's Bit Mine now sits on just under 5.8 million ETH, roughly 4.8% 8% of all of the EAT that exists and it has bought more every single week since the 30th of June 2025.

Now, some might look at this and think rotation traders getting bored of Bitcoin and chasing the higher volatility asset instead. However, there's far more to ETH's relative strength here than meets the eye. So, today we're going to look at who is actually buying Ethereum and what they think that they're buying. how Wall Street built the infrastructure for it. Well, everyone was obsessing over price charts and the one thing that could break the whole thesis in a single upgrade.

My name is Lewis and this is the Coin Bureau. Okay, so to get a clear picture of what's going on here, we have to be precise about what's changed. For 6 years, there was really only one approach for any given corporate crypto treasury. Raise capital, buy a scarce asset, never sell it, and let the scarcity do the work. Strategy holds 842,000 Bitcoin as I make this video after trimming its stack slightly to fund preferred stock obligations.

But that still makes it the largest corporate crypto treasury out there by a very wide margin. And that model has one core feature that most market participants conveniently glossed over on the way up. It can't grow without financing. Every additional coin has to be paid for with new equity, new converts, or new preferred stock because the asset itself produces nothing. But that's not the case for ETH. And in the first half of 2026, something shifted in the market.

Corporate treasuries replaced ETFs as the main engine of ETH accumulation. 67 companies now hold somewhere over 8.2 million ETH between them, roughly 6.8% of the total supply. and they're not running the strategy strategy with a different ticker. Instead, they're doing something entirely different, which is only possible because of how Ethereum works. Take Bit Mine, the leading Ethereum treasury company of its ETH stack, just shy of 5.8 million.

A little over 5 million is actively staked. That's over 87% of the balance sheet. and it went up on the 4th of August when the company staked another 150,000 ETH worth about $278 million at the 7-day yield Bitmine sites 2.67% 67%. That stack throws off roughly 134,800 ETH a year. And Tom Lee is more than happy to remind the public at any given opportunity that fully deployed, the projected staking rewards is $291 million on an annualized basis.

Call it somewhere between 250 million and 290 million depending on where ETH is trading. But there's something more important than the specific number here. That cash flow arrives whether or not Bitmine ever raises another dollar. Bitcoin balance sheets need financing to grow, but Ethereum balance sheets grow themselves. All you need to do is observe both models operating side by side in the same month. And it becomes clear how you're dealing with two entirely different beasts.

Strategy, the largest corporate holder of Bitcoin in the world, made no purchases at all during July and actually sold some Bitcoin, focusing instead on building cash reserves and supporting its preferred securities. Bitmine added 9,946 ETH in one week and 10,399 the next, and repurchased over 16 million of its own shares since the 1st of July under a $4 billion authorization. One treasury spent July defending its capital structure and trying its best to calm the FUD out there, while the other spent that time compounding.

Now, this isn't a one company story when it comes to Ethereum either. Sharp Link Gaming, the second largest public ETH treasury, holds around 888,500 ETH and has accumulated over 24,000 ETH in staking rewards. But in fairness, it's important to note that Sharlink's weighted average cost basis is around 3.5K. So yield doesn't save you from the price. But it does change what the asset is for. And that shift in purpose is exactly what Wall Street spent this summer building for.

On the 4th of August, BNY wired native staking rewards directly into its digital asset custody platform, working with Galaxy. This is the custodian for the traditional financial system, a firm overseeing $62.6 trillion in assets under custody and administration. Institutional clients can now earn Ethereum staking yield without the assets ever leaving the bank. BNY's Carolyn Weinberg presented it as clients getting the governance, controls, and resiliency they expected from BNY.

Galaxy's Steve Kurs was said markets will be built on open programmable rails. So we have the custodian and the broker agreeing on what the asset is for and the ETF data says the buyers agree too. Black Rockck launched ETHB its staked Ethereum product on the 12th of March this year. It holds up to 95% of its ETH staked through Figment, Galaxy, and Attestant, and it passes 82% of gross staking rewards through to holders every single month.

On the 31st of July, Bitcoin ETFs bled $265 million in a single session. ETHB took in $15.4 million on that same day. One product bleeding while its yieldbearing cousin takes in money on the same day. On the 4th of August, Black Rockck announced a one for three reverse split on ETH A effective the 6th of October, taking the share price from around $14 to around $42. Why is that significant? Well, according to Bloomberg's Eric Balunas, it would cut the cost to trade from seven basis points to roughly two.

Now, think about who cares about five basis points of spread. It's certainly not cryptonnative retail who are busy trading memecoins on Salana and Robin Hood chain desks moving institutional size care and issuers only bother re-engineering a product when those desks are the ones using it. Black Rockck is adjusting ETH for the people who trade in massive blocks. And if we take a closer look, the reason any of this is worth the effort becomes very clear.

Tokenized treasuries now total around $15.2 2 billion and Ethereum settles 43% of them ahead of BNB chain on 31% and Stellar on 7.5%. On the 3rd of August, Black Rockck launched BSTBL, a tokenized treasury fund share class of roughly $6.1 billion on Ethereum alongside a multi-chain stablecoin reserve vehicle. The transfer agent and tokenization provider on that launch was none other than BNY. So ETH isn't necessarily being bought just as a bet on crypto going up.

It's being accumulated because it's a core piece of the infrastructure. So does all of this mean Bitcoin lost? Well, not really. No. It's important not to become blindsided by being a maximalist for any given crypto. ETH is great and it clearly stands to benefit here, but the Bitcoin bid is very much still alive. On the 3rd of August, spot Bitcoin ETFs took in $170 million. On the fourth, they took another 211 million with Ethereum funds pulling 53 million on that same day.

Bitcoin isn't collapsing and nobody is being replaced. Things are just shifting and they're shifting fast. But being ahead of market moves like this can be a major challenge for anyone that doesn't have 16 hours a day to spend staring at a computer. So, we made it a lot easier. Right here on YouTube, you can join the Coin Bureau Club Light Plan. You'll get daily market updates across both crypto and tradi our teams read on the best opportunities out there and curated updates with only the details that are actually important.

Just tap the join button down below this video to get started. Okay, so how exactly are institutions viewing the difference between Bitcoin and Ethereum? Well, across 2026, research from Fidelity, Arc, Galaxy, Van, Standard Chartered, and JP Morgan has converged on a certain split view of Bitcoin and Ethereum. Bitcoin gets written up as the reserve asset, the sovereign hedge, the