Ethereum leads as altcoin season gains steam

We’re seeing a strong push from Ethereum, up over 7% and now trading above US$3,300. As I told The Block, this isn’t just a technical rally. There’s serious momentum coming from institutional flows into ETH spot ETFs. We’ve seen US$192M in net inflows in just one day (15 July), and US$5.76B total since launch. BlackRock’s $ETHA is leading, holding US$6.6B in assets, or 1.8% of ETH’s total supply.

All up, ETH ETFs now represent 3.87% of Ethereum’s market cap, a clear signal that institutions are moving in fast. Combine that with more than US$2.5B in daily trading volume, bullish chart setups, and capital rotation out of Bitcoin, and you've got a breakout that’s being driven by both fundamentals and sentiment.

Ethereum is increasingly being seen as a long-term institutional asset, not just a trading vehicle.

Elsewhere, XRP has cleared the US$3.00 mark, which has sparked a fresh wave of interest. Traders are watching US$3.40 closely, it's a critical psychological and technical level. Talk of a potential ProShares XRP ETF is also doing the rounds, which could keep momentum building.

Altcoins more broadly are outperforming Bitcoin. ETH is up 20.7% on the week vs BTC’s 6.3%, and the ETH/BTC pair is breaking out. XRP is up 35% on the month, Dogecoin 22%, and even Solana is moving, holding above US$170 with renewed on-chain activity. Bitcoin dominance is slipping, and historically, that’s a precursor to altcoin season.

Add in tightening supply through staking, institutional buying, and macro tailwinds, and we’ve got the makings of a strong altcoin cycle.

If this trend holds, we could see ETH make a run at US$4,000+ in the short term, with upside potential extending much further depending on how the ETF flows continue.

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