ETH just took the lead over BTC, and that matters because this market has spent months treating Ethereum like dead weight while Bitcoin soaked up the bid. A clean stretch of ETH outperformance after that kind of lag is the first real sign that capital may finally be rotating instead of just chasing the same trade higher.

What makes this interesting now is timing. BTC has already done the heavy lifting, so the next move in a healthy cycle is usually not "more BTC forever"; it is the market looking for higher beta. ETH is the obvious candidate, and the latest tape says traders are at least testing that idea, with ETH outperforming BTC in recent sessions and the ETH/BTC ratio trying to lift off the lows.

But this is still a confirmation game, not a victory lap. ETH has teased rotation before and failed hard, so one strong burst is not enough. The market needs ETH to keep leading on the next pullback, because real rotation shows up when BTC cools off and ETH refuses to give back as much.

Market participants should now closely observe whether ETH can maintain its new relative strength, if BTC dominance continues to slip, and if the ETH/BTC ratio can avoid fading back into its historical range. Should ETH consistently outperform while BTC consolidates sideways, the rotation trade would begin to appear more genuinely established rather than merely theoretical.