Chris Reilly’s note: Move aside, bitcoin (BTC).
It’s Ethereum’s (ETH) time to shine.
In just the past month, Ethereum has rocketed 59%... while bitcoin’s risen just 11%.
If you’ve been around the crypto markets for a while, you know this is when “altseason” begins—the explosive phase where small coins leave bitcoin in the dust.
To break down what’s happening and what to do now, I talked to Stephen...
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Chris Reilly: Stephen, Ethereum has lagged this cycle. While BTC trades 80% above its previous 2021 peak, ETH hasn’t yet reclaimed its all-time high.
But now the world’s second-largest crypto is waking up in a big way. What’s going on?
Stephen McBride: Ethereum outperforming bitcoin is the signal that the crypto market is rotating.
We can see this by looking at “bitcoin dominance.”
Bitcoin dominance measures bitcoin’s share of the total cryptocurrency market capitalization. It’s been hovering around 66% recently, but it just dropped 5.8% in one week to under 61%—the biggest slide in over three years.
When bitcoin dominance falls, it means money is flowing into other cryptocurrencies, particularly Ethereum and smaller altcoins.
In fact, the total crypto market cap jumped from $3 trillion to around $3.8 trillion in three weeks—and ETH led that move.
Chris: Our friend JC Parets has been tracking this closely. Back in May, he said bitcoin dominance was rolling over and that a year from now, we could look back and say this “was the start of altseason.”
Stephen: JC is one of the best technical analysts I know. He also pointed to another important chart in that update. The ratio of Ethereum vs. bitcoin, which had bottomed:
Source: TrendLabs
JC calls this an “initiation thrust,” because it tends to initiate a powerful new trend. Sure enough, this ratio has moved up 37% in the past month, confirming that Ethereum continues to gain steam.
And JC’s team doubled down last weekend, saying the collapse in bitcoin dominance and the surge in ETH is “the most bullish development in crypto markets.”
Chris: And we’ve seen this kind of rotation before?
Stephen: Many times. It’s a classic crypto cycle. First, bitcoin rallies and grabs all the attention. Then, ETH breaks out. Then the money flows into smaller altcoins. It happened in 2017 and 2021. All signs say history is repeating itself now in 2025.
Chris: You’ve called Ethereum the operating system of crypto. Most real-world applications—from DeFi to NFTs to tokenized assets—are built on Ethereum.
As we’ve shown, after a long time in the shadows, people are finally turning to it again. So, what’s changed?
Stephen: For the past couple of years, Ethereum’s been focused on abstract technical challenges like Layer 2 solutions.
I won’t get into the nitty-gritty details, but just know the culture is shifting.
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Vitalik Buterin and the core team are focusing on scaling the Ethereum base layer itself and making it usable for the average person. That’s a massive unlock.
Chris: So it’s not just technical upgrades—it’s a shift in mindset?
Stephen: Exactly. Ethereum is waking up to the fact that it’s not enough to be brilliant on paper. It has to work in the real world.
We’re seeing that happen. The Pectra upgrade just launched, with more major upgrades scheduled over the next 18 months. And on top of that, Wall Street is finally being given the green light to move into crypto.
Chris: You’ve said for years that companies didn’t embrace crypto because the legal risk was too high. But now, that cloud is lifting.
Stephen: Look at what BlackRock’s (BLK) doing. They’ve already put $2 billion into their tokenized Treasury fund. And they didn’t put that on Solana (SOL) or some VC-backed chain. They picked Ethereum.
BlackRock’s head of digital assets, Robbie Mitchnick, said: “There was no question that the blockchain we would start our tokenization on would be Ethereum.”
That tells you everything you need to know.
Chris: So, how high could ETH go?
Stephen: JC says that if ETH simply returns to the same growth trajectory it had last cycle, a $1 trillion market cap is in reach. That puts ETH at around $8,200.
I think ETH can conservatively hit $10,000 this cycle. Once it breaks above its all-time high of $4,800, that’ll be the signal we’re off to the races.
But the real opportunity is in the smaller, more explosive crypto businesses that can ride ETH’s coattails during altseason.
See, once ETH breaks out, capital rotates down the risk curve. That means altcoins—especially the small-cap ones—can really take off.
This is the stage where you can 5X, 10X, or even 20X your money. But it’s also where most investors make mistakes. They either chase hype coins or spread themselves too thin.
That’s why we launched RiskHedge Venture. It’s our research service focused entirely on these early-stage crypto opportunities. We only recommend coins with real fundamentals—project teams, market fit, tokenomics, and clear use cases.
Chris: So you’re not just buying whatever’s trending on Twitter...
Stephen: Never. In Venture, we treat these small coins like venture capitalists treat early-stage startups. We’re looking for asymmetric bets—coins that could 10X or more from here and still have a reason to exist five years from now.
The best opportunities usually emerge right at the start of altseason. That’s where we are now.
Chris: So to wrap this up… if I’m an investor who sat on the sidelines during the last bull run, what should I do now?
Stephen: Focus on ETH and the right altcoins. This is a great time to get involved.
You don’t need 50 coins. You need the right handful. And you need to act before the crowd catches on.
Chris: And right now, Venture is on sale for a special, limited-time price. Details here. Stephen, I know you also published a new report with your top five “buy now” coins while Wall Street continues to march into the space. A few of them trade for under $1 currently.
Stephen: That’s right. It’s a great place to start. Thanks, Chris.