Italy’s biggest bank just slashed its Bitcoin ETF call position by 99% to triple down on staked Ethereum

- Intesa Sanpaolo just slashed its Bitcoin ETF call exposure by 99.3%, effectively telling IBIT to take a hike. Meanwhile, their staked Ethereum position tripled, proving they’d rather earn yield than chase moonboys. The 500k put row? Pure noise; Form 13F doesn’t show strikes or motives, so let’s not pretend this is a bearish manifesto. It’s just a portfolio rebalance, likely driven by actual yield needs rather than speculative FOMO. Solana got axed to seven shares—aggressive passive income doesn’t include dead chains. XRP stayed flat, because consistency is for losers who can’t pivot. This isn’t a crash signal; it’s just big banks realizing ETH pays while BTC just sits there looking pretty. Don’t read into the options data like it’s a holy text. The market moves on liquidity, not quarterly filings. Stay liquid, stay skeptical.