Bitcoin dominance hits 3 month low falling 6% as Ethereum breaks $3,600
Bitcoin dominance has dropped to 61.6%, its lowest level in three months, just as Ethereum surged to a six-month high and the global crypto market cap topped $4 trillion. This marks the most decisive capital rotation into altcoins since April, suggesting the early stages of a new alt-season.
What’s Happening
- BTC Dominance Breaks Down
Bitcoin’s share of the total crypto market fell below its key ascending channel for the first time in 2025, closing at 61.6% on July 18. After peaking at 66% in June, the move is a symbolic shift, historically seen as a green light for altcoin outperformance. - Ethereum Outperforms on All Fronts
Ethereum hit $3,675 intraday, its highest level since January. The ETH/BTC ratio logged a 3.4% gain on July 16, its biggest daily move in six months, fueled by ETF inflows and fresh policy tailwinds out of Washington. - ETF Flows Confirm Institutional Rotation
Spot ETF inflows into Ethereum jumped 36% month-to-date, outpacing Bitcoin’s 10% gain. BlackRock’s ETHA is seeing accelerating interest, likely reflecting institutional efforts to rebalance toward higher-beta assets now that BTC’s explosive rally has paused. - Sideways Bitcoin Gives Alts Room to Run
Bitcoin drifted 0.7% lower this week to $118,961, just off its $123,153 all-time high printed on July 14. Its consolidation at elevated levels creates a window for altcoins to rally without triggering broad risk-off sentiment. - Macro Context Aligns with Rotation
Congress passed a stablecoin bill this week, bolstering Ethereum’s role in on-chain finance and treasury management. With BTC no longer the only regulatory darling and altcoin ETF infrastructure maturing, investors appear more comfortable chasing returns beyond Bitcoin.
The Big Picture:
The market is entering a phase of capital expansion. The total crypto market cap surpassed $4 trillion for the first time, emphasizing broad-based participation. As BTC dominance falters, ETH strength and ETF flows are leading. For the first time since 2021, alt-season isn’t a meme but a measurable macro shift.
Key Data
- BTC Dominance: 61.6% (lowest since April)
- ETH Price: $3,601.40 (6-month high)
- BTC Price: $118,961 (off 3% from ATH)
- Crypto Market Cap: $4.003 trillion (+7% WoW)
- ETF Flows: ETHA +36% MTD vs. IBIT +10% MTD
A decisive rotation is underway. Altcoin bulls have a clear runway, so long as BTC remains stable and institutions continue to follow the Ethereum flow.