Crypto markets are showing clear signs of rotation as Ethereum outperforms Bitcoin across multiple metrics, potentially signaling the start of altseason. Fresh data reveals ETH has gained 72% against BTC since April, with the ETH/BTC ratio hitting its highest level since January.

Key Metrics Where Ethereum Leads

• Weekly trading volume: $25.7B for ETH vs $24.4B for BTC (first time since June 2024)
• ETF flows: ETH/BTC holding ratio doubled from 0.05 to 0.12
• Exchange inflows: Lower ETH sell pressure compared to Bitcoin

Institutional Money Flows Tell the Story

The shift appears institutional-driven:

• ETH ETFs: 15 consecutive days of inflows
• BTC ETFs: Now seeing consistent outflows
• On-chain data shows fewer ETH moving to exchanges (bullish for price)

Bitcoin Dominance Slips as Alts Rise

The changing tide becomes clearer when examining:

• BTC dominance dropped 2.98% last week (now 60.78%)
• Altcoin trading volume hit $67B – highest since March
• Social media discussions now favor alts over Bitcoin

Is This Really Altseason?

While signs are promising, some caution remains:

• Altcoin Season Index currently at 35 (needs 75+ for confirmation)
• Recent cooling in SOL and XRP shows fragility
• Market needs sustained volume and flows to maintain momentum