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Ethereum Takes the Lead Against Bitcoin! Are Altcoins Next? - Coin Bulletin
As Ethereum (ETH) takes the lead against Bitcoin (BTC), the interest of institutional investors in ETF products is paving the way for an altcoin season.
According to the data shared by the CryptoQuant analyst, Ethereum has been outperforming Bitcoin since the low levels in April, continuing its rise. During this process, Bitcoin has increased by approximately 66%, while Ethereum has recorded a remarkable increase of 93%.
Starting from the middle of July, Ethereum, which broke its correlation with Bitcoin, began to lead the market clearly in price movements. The main catalyst behind this sudden rise is reported to be the increasing institutional interest in ETFs. In particular, the noticeable increase in trading volume for Ethereum ETF products coincided with the period when prices rose significantly. During the same period, the trading volume of Bitcoin ETFs remained relatively flat, showing no significant change.
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This bullish movement in Ethereum is interpreted as a capital rotation from Bitcoin to Ethereum. Considering how the strong institutional inflows into Bitcoin ETFs previously triggered the BTC price, it can now be said that Ethereum ETFs may have a similar effect.
According to the CryptoQuant analyst, the next stop for this classic rotation could be the altcoin market. The capital flow shifting from Bitcoin to Ethereum is generally spreading to smaller scale altcoins after Ethereum. With Ethereum leading the market, it seems that crypto investors’ eyes will now be on the potential movements of altcoins.