According to @milesdeutscher, a chart he shared shows ETH has overtaken BTC in Treasury Company trading volume as of Aug 20, 2025 (source: @milesdeutscher, Twitter, Aug 20, 2025). He adds that ETH remains the less saturated trade with significant catch-up potential versus BTC, suggesting a relative-value rotation theme in the ETH/BTC pair for traders (source: @milesdeutscher, Twitter, Aug 20, 2025). For positioning, the source’s signal directs attention to ETH/BTC relative strength and volume leadership as key triggers for rotation trades if the trend persists (source: @milesdeutscher, Twitter, Aug 20, 2025).