Institutional money is coming back, and this time ETH is clearly ahead of BTC. CryptoQuant's latest fund holdings data shows a very noteworthy change: Since the July low, ETH fund holdings have increased by over 1 million ETH, rebounding by about 23–24%. At the same time, BTC fund holdings have increased by about 85,000 BTC, but the holdings have only recovered by around 6–7%. The gap is very clear. This means that during this round of institutions increasing their Crypto Exposure, ETH holdings are recovering much faster than BTC. And more importantly: ETH fund holdings are already approaching last year's peak, but ETH's price is still far below its previous high. In other words— The price hasn’t returned yet, but institutional ETH positions are almost back to their peak. This is what I think is the most noteworthy part of this chart. If ETH Fund Holdings officially break past their previous high and the price starts catching up, it could signal a market shift from: BTC dominance → ETH taking the lead → funds further spreading into higher beta assets. Of course, an increase in fund holdings alone doesn’t guarantee a price surge. But money is being put to work, rebuilding exposure with real capital. And as it stands— In this round of institutional money returning, ETH is leading the way. A lot of people are waiting for ETH to pump before they believe it. But the money might already be ahead of the curve. Always back your analysis with your positions.