Ethereum ( $ETH ) surges to 11-month highs as massive Bitcoin-to-ETH capital rotation accelerates, with derivatives hitting $12.1B and all indicators pointing to potential altcoin season.
Ethereum (ETH) just smashed through $4,670 — its highest level since last year — and crypto traders are asking: is altcoin season finally here? The answer might be more obvious than you think, with ETH leading a massive capital rotation from Bitcoin that's happening faster than expected.
✨The Great Bitcoin-to-ETH Price Migration is Already Happening
Here's what the numbers say: Ethereum's market dominance jumped from 17.5% to 20.8% since May, according to CoinGecko's August 12 report. That's Bitcoin money flowing straight into ETH.
The ETH/BTC pair is up 14% since May — exactly what happens when big players rotate out of Bitcoin. The Altcoin Season Index hit 45 points over 90 days, showing sharp V-shaped recovery from cycle lows. While it's not at the 75-point "full altseason" mark yet, the speed is impressive.
✨Ethereum (ETH) Price Gets Serious Trading Volume Backing
Daily ETH trading volume shot up 38% to $22.4 billion last month. But here's the kicker — open interest in ETH derivatives just hit $12.1 billion, highest since March 2024.
✨Why This ETH Rally Might Be Different
The macro setup is perfect: Fed rate cuts coming, cooling inflation, softer jobs data. More liquidity flows into risk assets like crypto. But this isn't 2021 retail FOMO — big wallets are systematically moving from Bitcoin into Ethereum, Solana, and Chainlink.
The cherry on top? Global M2 money supply is expanding at its fastest pace since early 2021 — when we had one of the strongest altseasons ever.
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