Investor sentiment in the crypto market is beginning to shift from Bitcoin (BTC) to Ethereum (ETH), according to top analysts, despite lingering caution fueled by past market downturns.
In a recent market update, Michaël van de Poppe, founder of MN Trading Capital, noted that while Bitcoin still commands the spotlight, deeper market indicators suggest that Ethereum is quietly gaining ground. “The market isn’t solely focused on Bitcoin anymore. We’re actually seeing momentum build around Ethereum,” he said, highlighting a growing trend of capital rotation.
Supporting this view, van de Poppe referenced recent insights from prominent on-chain analyst Willy Woo, who described the current cycle as entering an “Ethereum era.” This reflects Ethereum’s increasing significance in both network development and investment flows. However, van de Poppe emphasized that many investors remain anchored in bearish sentiment, preventing them from fully recognizing the shift.
A major signal of this changing dynamic, according to van de Poppe, is Ethereum’s strong price performance. Since reaching a year-to-date low of $1,472 in April, ETH has surged over 70%, surpassing Bitcoin’s gains in the same period. This rally, he argues, is being driven by macroeconomic factors such as a weakening U.S. dollar and signs of a turning global business cycle—both of which support Ethereum’s bullish narrative.
Despite these positive signals, analysts agree that Ethereum must demonstrate further resilience to ignite a full-scale altcoin season. “If we want the altseason everyone’s waiting for, Ethereum has to lead,” van de Poppe stressed.
Echoing that sentiment, analyst “Crypto Fella” pointed to the ETH/BTC ratio—currently at 0.024—as a critical metric. Although it’s up slightly over the last month, it’s still down more than 32% in six months. “We need to see some strength before the big reversal,” he said.
$ETH / $BTC: As you told you many times, this is the most important chart to look at.
We need to see some strength before we can see the big reversal. pic.twitter.com/147E1VpfTQ
— Crypto Fella (@CryptoFellaTx) June 18, 2025
Adding to the narrative, a new report from crypto exchange Bybit and analytics firm Block Scholes highlights a sharp divergence in options market volatility between ETH and BTC. Notably, Ethereum significantly outpaced Bitcoin in volatility throughout May, further suggesting that traders are increasingly positioning for ETH-led market action.
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