13The crypto market has crossed a huge milestone again, moving above $4 trillion in total value this week. The rise was mainly driven by strong demand for spot Bitcoin ETFs, which recorded more than $1.7 billion in inflows before the week ended. At the same time, spot Ether ETFs recovered after a weak stretch, adding over $230 million in new investments.These inflows show that big investors are treating Bitcoin and Ethereum less like a risky bet and more like serious financial assets. With Bitcoin trading above $115,000 and Ethereum close to $4,600, cryptocurrencies are once again in the global spotlight.Spot Bitcoin ETFs Hit Two-Month High in InflowsAccording to ETF data tracker SoSoValue, U.S. spot Bitcoin ETFs brought in $1.7 billion in inflows by Thursday, the largest weekly total in nearly two months. Almost $800 million came in on Wednesday alone, a sign of strong investor demand.View sources: SoSoValueBitcoin’s price jumped 4.5%, rising from $110,000 last Friday to $115,000 on Thursday. Analysts say this surge reflects renewed confidence in digital assets, boosted by softer policy signals from the U.S. Federal Reserve and more money moving back into riskier assets.“Spot ETFs offer the credibility and accessibility that institutions demand,” said one Wall Street strategist. “This week’s inflows show the demand is not speculative, it’s structural.”Spot Ether ETFs Recover After Big OutflowsIt wasn’t just Bitcoin making headlines. Spot Ether ETFs, which lost nearly $800 million last week, bounced back strongly with $230 million in net inflows by Thursday.Institutional interest is also rising outside of ETFs. BitMine, a corporate treasury holder, purchased 202,500 ETH on Monday and another $200 million worth of ETH on Wednesday. This pushed its holdings above 2 million ETH, worth about $9.3 billion.Data from the Strategic ETH Reserve shows that institutions now hold around 12 million ETH in total, nearly 10% of all Ether in circulation. This makes Ethereum a clear favorite among large investors and confirms its position as the second-biggest cryptocurrency after Bitcoin.Crypto vs. Nvidia: A Market Cap ComparisonThe wider crypto market is now valued at $4.1 trillion, a level last seen earlier this summer. Binance co-founder Changpeng Zhao (CZ) compared this figure to chipmaker Nvidia’s $4.3 trillion market cap, pointing out how close the two are.“The combined market cap of all future money is less than one chip company’s market cap. You do the math,” Zhao wrote on X.His comments underline that even after years of growth, crypto still looks undervalued when compared with the world’s biggest corporations. For investors, this highlights the potential for further upside as blockchain adoption continues to expand.Why This Rally Feels DifferentLooking at past bull runs, it’s clear that today’s rally has a different foundation. In 2017, crypto’s rise was largely retail-driven, with investors chasing quick profits during the ICO boom. In 2021, the rally was boosted by DeFi projects, NFTs, and meme coins.But in 2025, the story is different. The driving force is institutional adoption through ETFs. Pension funds, sovereign wealth funds, and large asset managers are putting money into Bitcoin and Ethereum via regulated financial products. This creates a more stable demand base and makes crypto less of a niche speculation and more of a mainstream investment.Bitcoin’s Supply SqueezeAnother factor is the Bitcoin halving that took place in April 2024. The halving reduced block rewards from 6.25 BTC to 3.125 BTC, cutting new supply in half. Every previous halving cycle has triggered a major rally 12–18 months later. This time, the halving effect is being amplified by ETF demand, creating a powerful supply-and-demand imbalance.Ethereum’s Unique PositionFor Ethereum, institutional demand is tied to its role as the backbone of decentralized finance and tokenized assets. With nearly 10% of ETH supply now in institutional hands, Ethereum is maturing into a “blue-chip” crypto alongside Bitcoin. Its smart contract utility and staking yields also make it attractive compared to Bitcoin, which is seen more as a store of value.
