The ETH/BTC ratio briefly topped 0.030 (now 0.02963), up 10.52% over the past month but still down 4.85% over six months and 12.60% YTD, while Bitcoin dominance rose to about 58.7% and Ethereum’s share to 10.5%, leaving other altcoins at 30.8% after a 2.2 percentage-point monthly drop. Institutional buying—led by BitMine, Arthur Hayes and spot ETH ETF inflows—has concentrated capital in BTC and ETH amid 15 months of altcoin sell pressure, signaling a narrow crypto rally and stronger adoption for top assets rather than a broad DeFi or altcoin recovery.

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In Brief

ETH/BTC ratio topped 0.030 as Bitcoin dominance climbed alongside it, not against it.
Smaller altcoins' combined market share fell 2.2 percentage points in a month.
Altcoin sell pressure outside BTC and ETH ran for 15 straight months through mid-June.

The ETH/BTC ratio briefly topped 0.030 this week, its highest level in three months. However, Bitcoin (BTC) dominance climbed at the same time instead of falling.

That combination points to capital concentrating in the market’s two biggest assets, not spreading into the wider altcoin field.

Two Winners, Not a Broad Rally

Bitcoin’s dominance sits near 58.7%, and it gained ground over the past day, but in general, it has been relatively steady. At the same time, Ethereum’s (ETH) share climbed to 10.5%. The category tracking everything else, thousands of smaller tokens outside the top two, has been on a slide and dropped to 30.8%.

Bitcoin’s dominance is still strong and improving slowly, with Ethereum gaining ground but other altcoins slipping. Image Source: CoinMarketCap

The Rest of the Market Keeps Shrinking

This squeeze isn’t new. Altcoin sell pressure outside Bitcoin and Ethereum ran for 15 straight months through mid-June. BitMine chairman Tom Lee still calls the ETH/BTC move a bullish signal for crypto overall:

“We view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening.” — Lee

That read centers on ETH specifically. It says little about the median token, and the Ethereum whale accumulation driving the rally has focused on ETH, not smaller altcoins.

Not Just a Bounce

The ETH/BTC ratio sits at 0.02963, up 10.52% over the past month; however, the pair is still down 4.85% over six months and 12.60% year to date. This indicates how low Ethereum was relative to Bitcoin and how far it has to climb.

While still down substantially over the past 5 years, there are signs of ETH increasing in value against BTC. Image Source: Trading View

Institutional buying backs the move up. BitMine and Arthur Hayes have kept adding ETH through a month when spot ETH ETFs pulled in fresh inflows while Bitcoin funds saw redemptions. Treasuries and funds don’t typically chase a single green candle. Their buying suggests they expect the move to last.

Whether the ratio holds here or slides back toward its lows will show whether this is a genuine reversal or just a bounce inside Bitcoin’s grip on the market.

Read the article at BeInCrypto