As uncertainty persists in the cryptocurrency markets, the positions of major investors are becoming increasingly divergent.
Bitcoin continues to trade within the $66,000-$70,000 range seen in recent days. The main focus in the market remains the direction of institutional investors. In mid-2025, digital asset treasury companies and some government agencies had driven cryptocurrency prices to record highs with strong buying demand.
However, the picture has changed as Bitcoin has fallen more than 50% from its October peak. Many treasury-focused companies appear to be feeling the pressure. Japan-based Metaplanet reported a net loss of $619 million this week, while Harvard Management Company reduced its exposure to spot Bitcoin ETFs.
A similar rebalancing process is taking place on the Ethereum side. ETHZilla announced that tech billionaire Peter Thiel and his associated Founders Fund have sold their entire 7.5% stake in the company. The company has also reduced its ETH holdings through multiple sales since October.
However, some major players are not backing down. Michael Saylor’s company, Strategy, acquired an additional 2,486 BTC this week, bringing its total Bitcoin holdings to 717,131 BTC. Meanwhile, Abu Dhabi-based Mubadala Investment Company and Al Warda Investments announced that they hold positions exceeding $1 billion in BlackRock’s Bitcoin ETF by the end of the year.
On the Ethereum front, BitMine Immersion Technologies added 45,759 ETH in a week, bringing its total holdings to 4.4 million ETH. Approximately 3 million of this amount was reportedly staked, providing additional returns.
BlackRock also made progress on its plans for a yield-based Ethereum product in the US, filing an updated S-1 application for the iShares Staked Ethereum Trust ETF. A BlackRock-affiliated entity reportedly provided $100,000 in initial capital to the fund by purchasing 4,000 seed shares at $25 each.
Experts point out that while these steps from the institutional side may send positive signals in the long term, the fact that Bitcoin and Ethereum are still approximately 50% and 60% below their peaks respectively suggests that it may be too early to say that the downtrend is completely over.
*This is not investment advice.