ETF outflows saw ETH record a $197 million fund exit, its second-largest in history, while BTC also hit pause with a $122 million departure. Currently, BTC ETFs hold 6.38% of supply, while ETH ETFs hold 5.08% with ETH on track to surpass BTC by September, if the current inflow pace is sustained.
Ethereum exit queue hit a record with 910K ETH (~$3.9B) pending withdrawal, while 268K ETH is waiting to stake. On the BTC side, whale accumulation persists: 20,061 BTC added by wallets holding at least 10K BTC since Aug 13; bringing total added since March to 225K BTC.
Tiger Research's Q3 data shows the rebound's capital went into tokens and ETFs, while the money that did reach crypto companies came increasingly from exchanges, lenders and public markets instead of the lead VCs that set terms in past cycles.
The trade settled a two-year note within minutes and pledged it as overnight collateral, a test of whether tokenization can shorten the gap between buying a bond and financing it.
The broker is pitching staking as the crypto equivalent of its stock lending income program, extending a year of steady additions to its digital asset product.
Bank transfers into the exchange have been blocked since late September, and people familiar with the matter say the alleged violations could cost it its license to operate.
