The same firm behind the 10am Bitcoin dumps, the Terra short, and the $567M Indian freeze just rotated $800M out of Bitcoin and into Ethereum in one quarter. If you haven’t read my article that got 6M views, read it now. The 13F headlines this week confirmed every prediction in this piece, and the same firm is already setting up its next target while everyone calls the Bitcoin sell-down bullish. IBIT shrank by 71% in a single quarter. FBTC fell 60%. Strategy was cut 78% after a 473% buildup the quarter before, and the miners (IREN, Cipher, TeraWulf, Core Scientific) were all trimmed alongside it. Over $800M of Bitcoin exposure erased in 90 days. Now look at what got bought with the proceeds. ETHA nearly doubled. FETH was raised sharply. Galaxy Digital went from 17,000 shares to 1.5 million, an 8,700% jump in a single quarter. $82M of new Ethereum ETF exposure stacked while the Bitcoin book came apart. SEBI documented this exact sequence in India. Build the cash long, layer the derivatives, then move the market. The 13F is the setup cost. The options book is where the money is made, and the options book is the one thing a 13F will never show you. Ethereum is the easier target. Bitcoin futures open interest sits near $60B. Ethereum’s is $34B. Bitcoin’s market cap is $1.6T against Ethereum’s $273B. The same capital that nudges Bitcoin a dollar moves Ethereum closer to six. ETF penetration in ETH is still below where Bitcoin sits at 6.67%, which means no institutional demand floor exists yet to absorb a coordinated sell. Basically, smaller markets cost less capital to push and that is the whole rationale here. If you hold ETH or IBIT, you should want to know what sits on the other side of these long positions. The Terraform Labs case is the only venue forcing that question, and discovery is going to be very, very telling.