Ethereum Outpaces Bitcoin in ETF Flows Post-Pectra Upgrade
Bitcoin’s dominance in the crypto market might be waning. MEXC COO Tracy Jin shared insights with crypto.news on June 3, indicating a potential shift towards altcoins. Jin highlighted Ethereum’s (ETH) strong performance following the Pectra upgrade.
Ethereum is leading the charge in the transition too altcoins. Coins like XMR, ENA, HYPE, AAVE, and ARB have seen more than 5% gains, compared to Bitcoin’s modest 0.6% increase during Tuesday’s rally. Jin noted that Ethereum ETFs have seen an 11-day inflow of $630 million, while Bitcoin ETFs experienced three days of outflows totaling $1.2 billion.
This trend suggests growing institutional interest in ethereum.However, Jin clarified that the altcoin season hasn’t officially started. Only 27 of the top 100 altcoins have outperformed Bitcoin in the past 90 days. Bitcoin’s dominance remains at 63.1%,while Ethereum’s has increased by 2% in May.
Jin believes a full-fledged altcoin season will begin when Bitcoin’s dominance declines more considerably.If Bitcoin stabilizes at $100,000, Ethereum could break through the $2,750 resistance and rally toward $3,200.
For now, the signs are encouraging for altcoins, but the true altseason awaits a more meaningful drop in Bitcoin’s dominance.
