Signs of a shift in the crypto market are emerging, with Ethereum (ETH) beginning to outshine Bitcoin (BTC) in key metrics. According to Tracy Jin, COO of crypto exchange MEXC, the recent surge in Ethereum ETF inflows and broader altcoin gains point toward a potential altcoin season.
Speaking to crypto.news on Tuesday, Jin highlighted Ethereum’s strong momentum in the aftermath of its recent “Pectra” upgrade. “Ethereum is decisively leading the charge in this market cycle,” she said, noting that capital is starting to rotate into altcoins. Jin also pointed out that several altcoins—including Monero (XMR), Ethena (ENA), Hype (HYPE), Aave (AAVE), and Arbitrum (ARB)—posted gains of more than 5% during a recent market recovery. In contrast, Bitcoin only edged up by 0.6%.
Ethereum ETFs Attracting Institutional Capital
Jin emphasized that institutional interest in Ethereum is growing. Over the past 11 days, Ethereum-focused ETFs have seen consistent inflows totaling around $630 million. Meanwhile, Bitcoin ETFs have experienced outflows for three straight days, with investors pulling out roughly $1.2 billion.
She believes this trend reflects a broader shift in how institutions view the crypto landscape—looking beyond Bitcoin as the dominant player. “More institutions are beginning to consider Ethereum and other alternatives as we approach the next major phase of the market,” Jin said.
Are We in Altcoin Season Yet?
While Ethereum’s recent performance is promising, Jin cautions that a full-blown altcoin season hasn’t officially started. Historically, altcoin season tends to begin when Bitcoin’s market dominance starts to decline significantly. At present, BTC still holds a 63.1% share of the total crypto market.
Only 27 of the top 100 altcoins have outperformed Bitcoin over the last 90 days. However, Ethereum’s market share did increase by 2% in May—a sign that the tides may be starting to turn.
“History shows us that a real altcoin season doesn’t take hold until Bitcoin’s dominance begins to break down more meaningfully,” Jin explained.
What Could Trigger the Next Altcoin Rally?
According to Jin, one key factor could be Bitcoin stabilizing around the psychologically important $100,000 mark. If that happens, she believes Ethereum could break past its current resistance at $2,750 and rally toward $3,200. Such a move might spark broader confidence in the altcoin market and bring about the kind of capital rotation typically seen during an altseason.
