BTC Capital Rotation or Fresh Fund Inflows: What’s Really Fueling ETH’s Rally?
Jul 30, 2025
< 1 min read
by Mandy Williams
for CryptoPotato

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The consensus in the crypto market is that the ongoing ether (ETH) rally, which has extended to other altcoins, is driven by capital rotation from bitcoin (BTC). However, on-chain data obtained by CryptoQuant has proven that the information is false.
According to a report by CQ’s analyst Carmelo Aleman, fresh inflow from investors is driving the ETH rally, not capital rotation from bitcoin. Market participants are not selling BTC to buy ETH – the Bitcoin Realized Capitalization serves as evidence for this claim.
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