What Happened in Crypto Today: Why Are Giants Choosing ETH over BTC?

Crypto Market Heats Up, But a Surprising Shift Is Underway

The cryptocurrency market is buzzing with renewed energy. Over the last 24 hours, the total market capitalization surged past $4.13 trillion, marking a solid 10% gain for the week. Bitcoin proudly smashed a new all-time high, briefly touching $124,000, and the Crypto Fear & Greed Index has climbed to a bullish 63.

On the surface, it looks like another Bitcoin-led rally. But if you look closer, a different story is unfolding. While the king of crypto celebrates its new peak, its dominance over the market has surprisingly slipped from 59.9% to 58.7% in just one day. This isn’t just a random fluctuation; it’s a sign of a major capital rotation. The big question on everyone’s mind is: Why Are ?

Let’s dive into the key events driving this monumental shift and explore why Ethereum and other altcoins are stealing the spotlight.

The Ethereum Tsunami: A Record-Breaking Influx of Institutional Cash

The most telling sign of the changing tides came on Monday. Spot Ethereum ETFs witnessed a historic, record-breaking single-day inflow of over $1 billion. This colossal wave of institutional money not only demolished previous records but also pushed the total assets under management in ETH ETFs above the $10 billion mark for the first time.

This isn’t just retail enthusiasm; this is a clear vote of confidence from Wall Street. While Bitcoin ETFs paved the way, institutions are now aggressively diversifying into Ethereum. Why the sudden love for ETH? Investors are looking beyond Bitcoin’s role as a store of value and are betting on Ethereum’s utility as the backbone of decentralized finance (DeFi), NFTs, and the next generation of the internet (Web3). This utility offers a different, potentially more explosive, growth narrative that institutions find impossible to ignore.

Standard Chartered Doubles Down with a $7,500 ETH Price Target

Adding fuel to the fire, banking giant Standard Chartered has significantly raised its price target for Ethereum. They now project ETH could reach $7,500 by the end of this year—nearly double their previous forecast. Their long-term vision is even more ambitious, with a staggering projection of $25,000 per ETH by 2028.

This bullish forecast is rooted in Ethereum’s expanding ecosystem and the explosive growth of stablecoins, which they predict could become a $2 trillion market. For a major financial institution to make such a bold prediction signals a deep conviction in Ethereum’s long-term potential, far surpassing that of a simple digital gold.

Beyond Bitcoin: Corporate Treasuries and the Altcoin Explosion

The trend of diversification is also hitting corporate balance sheets. We’re seeing a strategic move away from Bitcoin-only treasury strategies. A prime example is Thumzup, which recently raised $50 million to invest in a diverse portfolio of digital assets and build out crypto mining operations.

Their shopping list includes:

• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)
• XRP
• Dogecoin (DOGE)

This move highlights a growing understanding that a multi-asset approach may be a more robust strategy for corporations entering the digital asset space. Interestingly, the fundraising coincided with Donald Trump Jr., one of the company’s largest shareholders, selling a significant stake.

This broader market excitement is reflected in the performance of other top altcoins. While Bitcoin posted modest gains after its new high, others soared. Solana (SOL) shot up 9% in 24 hours, while Dogecoin (DOGE) jumped 8%, extending its weekly gains to over 20%. This outperformance indicates that capital is flowing down from Bitcoin into assets with perceived higher growth potential—a classic sign of a maturing bull market.

Even Memecoins Are Getting a Serious Look

Perhaps the most surprising development is the increasing legitimization of the memecoin sector, now valued at over $82 billion. In a move that would have been unthinkable a year ago, Canary Capital has officially registered for a Trump Coin ETF in Delaware. The target is the Official Trump token (TRUMP), the fifth-largest memecoin with a market cap approaching $2 billion.

Whether a memecoin ETF ever gets approved by regulators remains to be seen. However, the very fact that regulated entities are filing the paperwork shows that Wall Street is willing to explore every corner of the crypto market in its search for returns. It’s a testament to how far the industry has come, where even the most speculative assets are now on the radar of institutional players.

Conclusion: A New Chapter for Crypto

Today’s market action paints a clear picture. While Bitcoin remains a crucial pillar of the crypto world, it is no longer the only game in town for serious investors. The record-shattering inflows into Ethereum ETFs, bullish institutional price targets, and the strategic diversification by corporate treasuries all point to one conclusion: the smart money is betting big on a multi-chain future.

Ethereum, with its vast smart contract ecosystem, is leading this charge, but other altcoins and even memecoins are catching the wave. We are witnessing a fundamental shift from a Bitcoin-centric market to a diverse and dynamic digital asset economy. The question now is not if other assets will rise, but how high they can go.