Ethereum Surges Past Bitcoin in ETF Flows Post-Pectra: Altcoin Season on the Horizon?

Holy moly, folks! Bitcoin's iron grip on the crypto world might be loosening up! On Tuesday, June 3, MEXC's big boss Tracy Jin dropped some serious knowledge bombs on us, pointing out some juicy signs of an incoming altcoin season. And guess what? Ethereum's (ETH) been absolutely killing it since the Pectra upgrade!

"Ethereum's leading the charge, pulling in cash and paving the way for altcoins to shine in this wild market cycle. We're seeing coins like XMR, ENA, HYPE, AAVE, and ARB popping off with gains over 5%, while Bitcoin's just sitting there with a measly 0.6% bump during Tuesday's recovery rally," Tracy Jin, MEXC.

But wait, there's more! ETF flows are swinging hard in Ethereum's favor. We're talking an 11-day streak of inflows, raking in a whopping $630 million. Meanwhile, Bitcoin ETFs? Three days straight of outflows, losing a cool $1.2 billion.

Jin's calling it like it is: big money's getting all hot and bothered for Ethereum, especially after that Pectra upgrade. More and more institutions are eyeing up Bitcoin alternatives as we gear up for the next market cycle.

We're Not in Altcoin Season Yet, Jin Warns

Hold your horses, though - Jin's saying we ain't in altcoin season just yet. Only 27 of the top 100 altcoins have been outpacing Bitcoin over the last 90 days. Bitcoin's still flexing its dominance at a solid 63.1%. Ethereum's been making some moves, sure, with a 2% bump in dominance last month, but we're not there yet.

"Yeah, altcoins have been looking good lately, but let's not forget history. The real altseason kicks off when Bitcoin's dominance starts to slip, and it doesn't really get going until that dominance takes a more serious hit," Tracy Jin, MEXC.

If we want a full-blown altcoin party, Jin says Bitcoin's dominance needs to take a nosedive. It could happen if Bitcoin chills out at that sweet $100,000 level. In that case, Ethereum might just smash through that $2,750 resistance and go charging towards $3,200. Buckle up, people - it's gonna be a wild ride!