Recently, institutional funds have significantly increased their activity in the cryptocurrency market.

On one side, some listed companies are selling their existing BTC and ETH reserves; on the other hand, companies like Strategy and Strive are still maintaining or increasing their BTC exposure. ETF funds have also shown fluctuations, and the performance of funds between BTC and ETH has begun to diverge.

Institutions have not reached a unified "buy" or "exit" decision; instead, they have started more evident asset adjustments.​​​​​​​

Listed companies are starting to make different choices

At the beginning of September, Japanese listed company Remixpoint sold all its 901.45 ETH, 13,920 SOL, 1.19 million XRP, and 2.8 million DOGE, collectively cashing out about $5.5 million. After the transaction, the company's cryptocurrency asset reserve was reduced to only holding BTC, about 1,506 coins.

On the mining company side, CleanSpark's data for August also showed that the company's BTC holdings fell from 13,931 coins at the end of July to 13,703 coins, which included the sale of 77 coins in spot BTC and other related transactions.

Canaan sold all of its 3,952 ETH in August, along with 54 BTC, gaining about $13.9 million in cash, of which about $5.4 million was used to repurchase the company's stock. By the end of August, Canaan held 1,868 BTC and no longer held ETH.

However, at the same time, Strategy did not sell any BTC.

From September 8 to 13, the company did not buy or sell BTC, maintaining a holding of 845,050 coins; during the same period, the company used about $139.3 million to repurchase STRC preferred shares.

Strive is also still expanding its BTC reserves. The company added 3,156 BTC in August, and management previously stated that the company plans to continue using financing tools to increase BTC exposure.

ETF funds have experienced fluctuations

Institutional funds in the ETF market also have not formed a unilateral direction.

As of the week ending September 9, the U.S. spot BTC ETF had a cumulative net inflow of about $742 million the previous week, significantly higher than the week before, with a total cumulative net inflow of about $2.73 billion over 30 days.

However, funding subsequently weakened again.

On September 8, 9, and 10, the BTC spot ETF experienced continuous net outflows, with a single-day net outflow of about $283 million on September 10; on September 11, outflows further narrowed to about $13.2 million.

At the same time, the performance of ETH ETF funds did not fully synchronize, and the market continued to see fund rotations between different assets.

Large on-chain holders are also adjusting

Outside of traditional ETFs, recent large position changes in Hyperliquid have also attracted market attention.

BTC, ETH, and HYPE have all seen large positions being opened, closed, and funds transferred, with some accounts holding single positions worth tens of millions of dollars.

Regarding HYPE, the market previously noted fund transfers related to Multicoin and changes in other large holders' positions. As HYPE prices and the trading volume within the Hyperliquid ecosystem continue to attract attention, the movements of institutional and large holder funds have become important observation points in the recent on-chain market.

From company treasury to ETF, and then to Hyperliquid on-chain positions, a common feature has emerged for institutional funds recently:

Money has not disappeared from the crypto market, but the repositioning between different assets is becoming more apparent.

BTC reserves, ETH allocations, ETF fund flows, and large HYPE positions may continue to serve as key windows for observing institutional fund directions in the market ahead.

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