Ethereum treasury companies now hold 3.5% of all Ether, surpassing Bitcoin treasuries' 3.4% of the total supply, according to Blockworks Research. This marks a significant shift as Ethereum treasuries have tripled their holdings since July, while Bitcoin treasuries have remained stable. The increase in Ethereum holdings is attributed to its staking yield and the absence of a supply cap, making it an attractive reserve asset. In contrast, Bitcoin's hard cap and lack of yield mechanisms may limit its growth in treasury holdings. Despite Ethereum's current momentum, analysts believe Bitcoin may still maintain long-term dominance, particularly in scenarios of fiscal dominance.