According to on-chain data monitoring, Bitcoin treasury company Strategy made a significant increase in holdings over the past week, acquiring 13,627 BTC at an average price of approximately $91,519, spending over $1.25 billion. So far, their total BTC holdings have reached 687,410 coins, valued at $62.348 billion, with an average cost basis of $75,353, and an unrealized profit of $10.55 billion.

During the same period, Ethereum treasury company Bitmine also acted decisively—buying 24,266 ETH at a price of $3,122, spending $75.76 million. Currently, they hold a total of 4,167,768 ETH, valued at $12.878 billion at the current price, with an average cost basis of $3,862, but they are currently showing an unrealized loss of $3.225 billion.

Behind the latest moves of these two major institutions lie several signals worth pondering:

**The pace of institutional accumulation has not slowed down.** Regardless of short-term market fluctuations, Strategy and Bitmine continue to increase their holdings. This is not a temporary surge but a continuation of their long-term allocation plans. They view each correction as an opportunity to buy at lower prices, demonstrating strong confidence in these two assets.

**The treasury model is becoming a mainstream allocation choice.** Strategy’s operations in Bitcoin and Bitmine’s layout in Ethereum—these dedicated, long-term holdings—are influencing more and more institutional investors. Simply put, large funds are systematically changing the circulation and supply structure of these crypto assets.

**Market divergence is quite evident.** Looking at the performance differences between BTC and ETH, as well as the cost basis and profit situation of these two institutions’ holdings—some assets are clearly favored in this cycle, while others are still waiting for a rebound opportunity.

These data indicate that institutional-level funds are deploying according to their own rhythm, and the market is far from reaching their satisfaction point.