Ethereum has surged past $4,300 for the first time in months, fueling renewed speculation about a possible “flippening,” in which it could overtake Bitcoin in market value.
This comes as cryptocurrency Bitcoin’s dominance has fallen to around 60.74%, a level that analysts note has historically preceded Ethereum reaching new all-time highs. The rally is supported by strong technical indicators, growing institutional interest, and significant over-the-counter (OTC) activity.
In the past week, ETH/USD reached $4,332, marking a 20.4% gain over seven days, before easing slightly to $4,290. Large-scale transactions have been prominent, including $160 million in ETH moved to Galaxy Digital within an hour, with one transfer of 4,500 ETH worth $18.99 million. Such activity points to increasing liquidity challenges for large-scale ETH investors. Ethereum co-founder Vitalik Buterin now holds over $1 billion in ETH, further highlighting the asset’s institutional appeal.
Traders and analysts have taken note of Ethereum’s strengthening market position. “Ethereum Dominance is already ~50-60% of the way in its Macro Uptrend,” trader Rekt Capital commented, comparing current market behavior to the 2021 bull run. Exchange order book data has also revealed a “massive wall of long liquidations” below $3,960, which some see as a re-accumulation zone with potential to fuel further upside.
Despite Ethereum’s momentum, the broader market still favors Bitcoin, with the CoinMarketCap Altcoin Season Index at 38/100—well below the level typically associated with peak altcoin activity. Analysts such as Joao Wedson of Alphractal suggest that capital often flows from Bitcoin to Ethereum and then into smaller-cap cryptocurrencies, adding that the current rally could be the start of an altcoin season lasting until November.
Ted Pillows of OKX envisions a scenario in which Ethereum breaks its all-time high, sparking a short-lived altcoin rally before capital rotates back to Bitcoin, potentially driving BTC toward $140,000. Lukas Enzersdorfer-Konrad of Bitpanda added that recent altcoin gains show investors are increasingly willing to take on risk beyond Bitcoin and Ethereum.
Supporting this shift, Glassnode data shows Ethereum’s Net Capital Change has recently outpaced Bitcoin’s—a sign analyst Ali Martinez said could reflect a broader market rotation toward altcoins.
At the time of writing, Ethereum is trading near $4,298, up 1.72% in the past 24 hours, with its price performance, technical strength, and institutional demand reinforcing its position as one of the cryptocurrency market’s leading assets.
Sources:
https://ambcrypto.com/ethereums-4300-push-meets-falling-bitcoin-dominance-is-a-flippening-next/
https://cointelegraph.com/news/eth-treasury-holdings-hit-13b-surge-4k