Market context
ETH is trading with a bid it hasn't had since spring. The Cryptomat entity digest flags a move back through $2,500 and dominance north of 11%, driven by what the desk is reading as fresh institutional demand rather than retail chasing. The context matters.
CryptoPotato reported Thursday was the strongest day for spot Bitcoin ETFs since January, close to $1B in net inflows, and ether products kept their own streak alive alongside it. That's the third week in a row ether ETFs haven't broken. Zoom out and the setup is a familiar one: BTC leads, ETH follows on a lag, and the ratio compresses.
What's different this cycle is that ETH is grabbing dominance back while BTC is still bid, not on a BTC drawdown. That's a healthier tape. It's also a fragile one, because the sentiment side is already pinned.
The CryptoBeast sentiment component prints 100/100 this week. There's no room left for that leg to do more work.
Technical setup
The $2,500 reclaim is the level that matters. It flipped from resistance to support on the breakout and is the line the desk is watching for continuation versus a fade. Above $2,500 on a daily close, the next real supply shelf is the $2,850-$2,900 zone where ETH stalled twice earlier this year.