Ethereum Overtakes Bitcoin as Crypto Market Focus Shifts

Ethereum (ETH) is leading the crypto market higher as Bitcoin (BTC) consolidates in a tight band between $64,000 and $66,500. Over the past month, ETH has gained 19.7%, nearly doubling Bitcoin's 11.7% return.

This reversal marks a significant shift from recent months when the conversation centered around 'when does BTC break out'. Now, the focus is on why ETH is outrunning everything, with some traders wondering if this could signal the start of an altcoin rotation.

The largest altcoin's comeback can be attributed to several factors. ETF flows into Ethereum-linked products have increased noticeably, providing a steady bid underneath the price. Meanwhile, ETH staking participation has climbed to roughly 34%, effectively removing a growing share of circulating supply from the tradeable float.