BitMine has acquired an additional 17,000 ETH, bringing its Ethereum holdings to significant levels as the market anticipates a possible breakout of the ETH/BTC ratio above 0.03. Ethereum outperformed Bitcoin in the third quarter with returns exceeding 70% versus 43% for BTC, representing 1.5 times higher performance. Bitcoin ETFs nevertheless attracted over $6 billion in net inflows during Q3, more than double the roughly $3 billion in Ethereum ETF inflows. The Altcoin Season Index has broken above 61 and Bitcoin dominance has declined nearly 1.7% this month. If this momentum holds, Ethereum could outperform Bitcoin in Q4 for the first time since 2021.
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