Total crypto mcap hits a new ATH of $4T. > The ETH/BTC ratio is attempting to rebound from levels not seen in six years > @CryptoHayes believes that an ‘ETH season’ is approaching > Record inflows into spot ETH ETFs are being reported, while MMs indicate strong demand > Stablecoin mcap broke ATH, sitting at $260B+ > SharpLink has just announced that it will accumulate up to $3.6B $ETH $ETH reached $3,600 today, leading the market rally since late June. This raises the question many are asking I.e when will altcoins follow? Unlike previous cycles where Bitcoin led rallies, $ETH is driving this wave. The difference comes from institutional adoption in this cycle. > $ETH was oversold for months & is now catching up > Companies holding $ETH see their stock prices rise alongside > Wealth effect to smaller coins hasn't happened yet like in past cycles The current situation is showing a selective altseason rather than broad altcoin pumps. Assets connected to institutional themes & established Ethereum projects likely to benefit first. Many DeFi tokens like $AAVE $FLUID $UNI $ENA $PENDLE & few selected alts are performing well. Here’s what’s happening👇 ETH continues leading → selective alts with strong narratives → final phase where capital flows to everything that hasn't moved yet That final phase typically creates sharp pumps but signals cycle tops. ETH/BTC ratio reaching 0.06-0.08 would mark peak euphoria. For now, $ETH is having its moment after being ignored while $BTC dominated.