Ethereum Flips Bitcoin in Spot Trading Frenzy as Altseason Goes Nuclear
Move over, Bitcoin—Ethereum just stole the spotlight. Spot trading volumes for ETH surged past BTC this week as altcoins erupted into a full-blown mania phase. Traders are dumping 'digital gold' for higher-beta plays, and the charts don't lie.
The Great Rotation Accelerates
While Wall Street was busy overcomplicating tokenized RWAs, crypto degens made their choice simple: more risk, more reward. Ethereum's ecosystem—from DeFi bluechips to speculative NFT fractionalization—is eating Bitcoin's lunch. Even the stodgiest allocators can't ignore the volume divergence anymore.
Warning Signs or Rocket Fuel?
Historically, altseason climaxes precede brutal corrections. But with ETH derivatives open interest hitting record highs and Bitcoin dominance crumbling, this rally might still have legs. Just don't tell that to the VC funds still sitting on 2022's bag of 'web3 infrastructure' tokens.
Ethereum Outperforming Bitcoin
Ethereum’s price ratio against Bitcoin has surged from 0.018 to 0.031, reaching its highest level since January. This recovery comes after ETH hit extremely undervalued levels earlier this year, the analysts stated.
First time in over a year: ETH spot volume > BTC
Last week, ETH spot trading hit $25.7B vs. BTC’s $24.4B, pushing the ETH/BTC spot volume ratio above 1 for the first time since June 2024.
Investors are rotating to ETH and Altcoins. pic.twitter.com/X7mBFVCg5Y
— CryptoQuant.com (@cryptoquant_com) July 23, 2025
US ETF data also reveals investors are allocating more capital to Ethereum relative to Bitcoin, with the ETH/BTC ETF holding ratio doubling from 0.05 to 0.12. Additionally, ETH faces less selling pressure than Bitcoin, as measured by lower exchange inflows, suggesting the outperformance trend could continue, they added.
CryptoQuant also noted that altcoin spot trading volume surged to the highest level since March, suggesting that a rotation of capital was underway.
“The spot trading volume for altcoins totaled $67 billion on July 17, signaling renewed interest from traders for these types of coins.”
The CoinGlass “crypto flippening index” reports an increase in flippening potential for ETH versus BTC, although it remains low at 18.5%. However, the metric has climbed from 11.5% in late April when ETH was wallowing around $1,700.
Ethereum’s price ratio against bitcoin has fallen 5.8% in the past 60 hours, commented Santiment on Thursday, predicting a second wave.
“If trading and social volume fall the rest of the week, this WOULD be a strong signal that a second bullish wave is coming up due to impatience and profit taking coming from the retail crowd.”
Meanwhile, Glassnode commented that altcoins were “showing broad strength following Bitcoin’s lead,” cautioning that surging open interest across the sector “suggests speculative froth may be building, raising the risk of sharper volatility ahead.”
Ether Price Retreats
Ethereum prices dipped more than 7% from their 2025 high on Monday in a fall below $3,600 in late trading on Wednesday.
It is natural for some profit to be taken after a massive 50% rally in just one month, and many analysts predict that Ether will continue higher due to sustained institutional and corporate buying pressure.
A number of prominent analysts have predicted a sharp MOVE to $8,000 over the coming months.
This year is going to be life-changing for all #Ethereum HODLers! pic.twitter.com/N6MKXENZKX
— Carl Moon (@TheMoonCarl) July 11, 2025
