The last 24 hours have been buzzy for the crypto market. Bitcoin (BTC) hit a new all-time high (ATH) at $112,152 as the king crypto surged over 3% from its intraday low. Altcoins also followed through with Ethereum climbing above $2,800 earlier today, reinforcing the bullish sentiment across the crypto market.
However, while Bitcoin hit a new ATH, data over the last 24 hours suggests that traders could be possibly rotating to Ethereum as they aim to capitalize on its potential. Analysts also claim that Ethereum could boom soon as the ETH/BTC chart approaches a key level.
Bitcoins Achieves New ATH, ETH Pumps to $2,800
Fueled by massive institutional adoption, Bitcoin’s price ballooned to $112,152 on July 9 as the spot Bitcoin exchange traded funds (ETFs) inflows surged. As per data by Farside Investors, BTC ETFs saw a total net inflow of $1.2 billion since the start of July 2025, serving as the key driver for its price. However, BTC has now retraced to $111,080 as of this writing, potentially due to sell-offs as the price peaked.
The rising demand for risk assets also contributed to Bitcoin’s recent price movement. Investors are now turning to Bitcoin as an alternative option for investment, especially as U.S President Donald Trump announces new tariffs on Brazil, Malaysia, South Africa and more. These tariffs pose a risk on global economic stability similar to the incidents experienced in Q1 2025.
Besides Bitcoin, Ethereum also pumped over the last 24 hours. The top altcoin by market capitalization saw over 7% rally reaching $2,815 in the early morning hour as per a post by Ash Crypto. Nonetheless, just BTC, Ethereum has retraced to $2,782 as of this writing.
Ethereum Gains Investors Favor Over BTC; Data Shows
Recent data suggests that traders could be shifting their prime focus on ETH over Bitcoin. Over the last 24 hours, for instance, Ethereum recorded a total of $62.1 billion in Futures volume as per Glassnode data. On the other hand, Bitcoin recorded a total of $61.7 billion over the same period, losing the edge to ETH.
Futures volume usually shows the number of contracts traded in a specified period, usually in a day. The metric is used to highlight the level of market activity and interest in a particular contract.
According to Glassnode, the edge in Ethereum Futures volume over BTC Futures volume thus hints at a potential rotation into ETH. Conversely, traders are gearing up for Ethereum to outperform BTC in the coming days.
“That’s rare – and it signals a potential rotation in trader focus and positioning ahead of possible $ETH-specific catalysts,” Glassnode shared in a post on X.
Is ETH Gearing to Outperform Bitcoin?
The ETH/BTC chart on TradingView shows that Ethereum is currently gaining an edge against Bitcoin. As of this writing, the ratio sits at 0.02501 up from a dip of 0.02200 in Mid June. As reported by Blockchain News, the ratio had dipped to a 5-year low of 0.01800 in late April 2025 as institutions dumped Ethereum. Thus, the recent hike in the ETH/BTC ratio suggests it is stronger compared to Bitcoin.
Furthermore, the ratio has been on a descending channel since 2017 with the support zone around the current level. According to a post by crypto analyst Carl Moon, if the ratio manages to close above the descending resistance line, the price of Ethereum could skyrocket.
A push above the resistance could also further reinforce the thesis that investors are favoring Ethereum over Bitcoin. This would further result in heightened investor confidence and potentially push the price of Ethereum higher.
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