The embedded tweet suggests that capital outflow has finally ended, and we are observing inflows for the first time in 18 months.
Until yesterday, BTC was the primary beneficiary of these inflows, barring a few altcoins. Ethereum, in particular, has had quite a lackluster relative performance. But this changed yesterday when news about Blackrock filing for a spot-based ETF for ETH came out.
The news was enough to help propel ETH above the $2K psychological resistance.
And, of course, the ETHBTC chart followed by finally attempting to reclaim its former range.
ETH has had three deviations (false breakouts/breakdowns) from this range. Given the news piece yesterday, it seems likely that the current breakdown would also turn into a deviation.
If it does, the target would be the top of the range.
Why is this important for an “alt szn” you ask? Well, the general flow of capital in any financial market is from big caps to mid-caps to small caps. Now, BTC has had a very impressive rally, and all the recent developments suggest that it is ETH’s turn now.
Historically, an ETHBTC rally has preceded a full-blown “alt szn.” So, based on the evidence on hand, it seems that the most awaited crypto season of all is just on the horizon!
