The most hated rally ETH trades near $4,200, but the more important chart isn’t in USD. It’s ETH/BTC. Since May lows, the ratio has climbed. Each ETH now buys more BTC. When ETH outperforms, it’s not just a mood swing. It’s a structural shift: → Capital rotates from Bitcoin’s store-of-value layer into Ethereum’s execution layer → Liquidity starts chasing yield, composability, and settlement demand; not just scarcity → Onchain activity compounds as staking rewards, L2 growth, and DeFi usage reinforce the flow ETH/BTC strength often marks phases where block space becomes the scarce asset, not BTC itself. It’s the market paying for throughput over inertia. The irony? These rotations start quietly. By the time they’re obvious, the structural repricing is already well underway.