While Bitcoin saw a decline in recent weeks, Ethereum has shown considerable resilience, fueled by growing demand for ETH options and the anticipation of the Pectra upgrade. A shift in market dominance is observed as Bitcoin’s share of capital drops below 63%. This trend suggests investors are increasingly allocating resources towards altcoins, with Ethereum positioned to benefit significantly in the near future. QCP Research reports that overall volatility is decreasing, indicated by a drop in Bitcoin’s implied volatility and a decrease in the CBOE VIX. QCP also highlights that positive macro trends, including easing geopolitical tensions and improved global liquidity, are creating favorable conditions for risk assets like cryptocurrencies. As Bitcoin consolidates, traders and investors are shifting their focus to Ethereum and other high-potential altcoins, anticipating their leadership role as market cycles continue.