Foreign media report that after a correction in June, ETH began to outperform BTC, and the market is now observing whether this relative strength will continue into the third quarter. The article notes that while ETH’s performance in Q2 still lagged behind BTC, it has shown more pronounced upward movement alongside BTC on days when risk appetite has recovered.
Relative performance strengthens
ETH rose 3.6% on June 11, slightly outperforming BTC’s 3.45%. The article suggests that this consistent outperformance on up days is typical in the early stages of capital rotation.
ETH and BTC are currently trading within a narrow range, and market demand following the pullback is strengthening.
Exchange balance has dropped to a low level.
The article cites on-chain data showing that ETH balances on exchanges have dropped to 14.5 million, the lowest level on record.
More ETH is flowing into ETFs, staking, and long-term wallets, meaning the tradable circulating supply continues to decrease.
Q3 focuses on supply and demand changes.
The article also notes that if selling pressure continues to ease and risk appetite rebounds, ETH could experience a stronger upside rally compared to BTC.
In the author’s view, the key issue now is not just a short-term rebound, but whether ETH will reclaim market dominance in the third quarter.