Ethereum substantially outperformed Bitcoin during Q3 2024, with ETH price appreciation exceeding 20% compared to approximately 9% for BTC. Ethereum’s dominance in the crypto market crossed the 13% threshold while Bitcoin’s dominance increased at a much slower pace, around 1.5%. Bank of America executed a major repositioning of its crypto portfolio by divesting 70% of its MSTR shares while increasing its BlackRock ETHA position by 29 times, bringing it to 1.98 million shares worth $23.6 million. This institutional rotation, combined with macro weakness and the 30-year Treasury yield reaching a 19-year peak, could accelerate capital flows into Ethereum and trigger a broader altcoin season.
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