Analyst Willy Woo, a renowned crypto on-chain analyst, said investors are shifting funds from Bitcoin (BTC) to Ethereum (ETH). On Wednesday, he posted a chart showing flows into Ether around $900 million per day, matching inflows into Bitcoin.
“This latest climb in flows started when Tom Lee’s ETH treasury company, BitMine, began accumulating Ether,” Woo said in a post on X. The surge began in July, marking the highest flows in at least two years. Analysts say corporate Ether treasuries are driving the momentum.
Corporate Demand Boosts ETH
BitMine has become the world’s largest corporate Ether treasury. It acquired 1.7 million ETH, worth $7.9 billion, in just over two months, and now holds 1.4% of Ethereum’s total supply. The accumulation pace far exceeds that of corporate Bitcoin holdings.
U.S. spot Ethereum exchange-traded funds have also seen strong inflows. August alone recorded $2.8 billion entering spot ETH funds. Corporate trading in Ether also recently exceeded Bitcoin treasury trading, showing rising institutional interest.
Analyst Axel Bitblaze noted on X that ETH has broken a four-year bullish chart pattern and is retesting it cleanly. “The structure points to $6800 – $7000 next,” he said, indicating further upside potential.
ETH Market Share Rising
Ethereum’s market dominance has grown at Bitcoin’s expense. ETH’s market share is now 14.57%, up from a low of 7% in April. Meanwhile, Bitcoin dominance has fallen from 66% in June to 58% as capital rotates between the two assets.
Ether has recovered faster than Bitcoin this week. ETH rose 4% on Wednesday, reaching an intraday high of $4,638 before a slight pullback. It is now just 6.7% below its all-time high from last week. Bitcoin, in comparison, gained only 1% over the same period, topping $112,000 before retreating toward $111,000.
The capital rotation into Ethereum shows increasing investor confidence and stronger institutional involvement. Analysts say the trend may continue as corporate and ETF demand supports ETH prices and market share.
Also Read: ETH Price Drop is Opportunity in Treasury Firms: Standard Chartered
