Is Ethereum replacing Bitcoin as the dominant currency in the market? ETF net inflows surpass Bitcoin for six consecutive days.

In the past few weeks, Ethereum has outperformed Bitcoin by a wide margin, with the price ratio between the two rebounding strongly from its low point since 2019. The annualized premium of Ethereum CME futures over spot has exceeded 10%, surpassing the level of Bitcoin and prompting some positions to shift from Bitcoin to Ethereum. Since May, the US spot Ethereum ETF has continued to receive net inflows of funds. In the past six trading days, the net inflow of Ethereum ETF has been nearly $2.4 billion, far surpassing the $827 million of Bitcoin ETF during the same period. And the net inflow of Ethereum ETF has exceeded that of Bitcoin every day in these six trading days. The Goldman Sachs crypto team points out that, similar to more and more companies incorporating Bitcoin into their financial reserves, some US listed companies have also started to establish Ethereum reserves. It is estimated that these companies have collectively purchased over $1.5 billion worth of ETH in the past month. Among them, BitMine Immersion Technologies has purchased $2 billion worth of ETH in the past 16 days, making it the largest Ethereum holder among companies.