The growing dominance of Ethereum in Crypto Markets is driven by a sharp decline in the volume of Altcoin, rather than a surge in its own trading activity.
Cryptoquant Contributor CryptoonChain’s June 22 analysis shows that market share in Ethereum (ETH)’s vinanence has risen primarily due to a significant decline in the volume of other assets. ETH trading volumes fluctuated between January 2023 and May 2025 between 300 trillion and 490 trillion.
Between November 2024 and May 2025, Altcoin trading fell to just 387 trillion from its peak in the 1.57 quarter. A sharp decline in Altcoin activity has led to an increase in Ethereum market share by default, not due to increased demand for cryptocurrency.
Many investors ended smaller projects as their risk appetite faded, and some capital was likely moved to Ethereum, strengthening their position in the market. In the past, Ethereum has been more attractive in more cautious market conditions due to its maturity, network stability and consistent activity. These attributes stand out in the face of market uncertainty and emotional changes.
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At the time of writing, Ethereum is trading at $2,257 after surpassing 10% amid the wider market debilitating associated with rising tensions in the Middle East. Nevertheless, whale activity has been featured and demonstrates “buy-the-dip” behavior. On June 22, LookonChain flagged a deal in which one wallet purchased 9,400 ETH worth $39 million, bringing its total shares holdings to $333 million.
The Ethereum network showed strong rebounds in activity. With over 500,000 ETH added in June alone, more than 35 million ETHs are now piled out, accounting for almost 30% of the total circulation supply.
Continued demand for decentralized finance and the inappropriate token sector has driven monthly transactions to a new high of 2469 million. Additionally, EtherScan data shows that more than 4.57 million ETH have been excluded from distribution as a result of burns in the EIP-1559 fee.
We have also seen a stable inflow of Ethereum-based exchange sales funds. According to SoSovalue data, BlackRock accounted for the majority of the $849 million that joined the ETH ETF last month. If macro and regulatory conditions are stable, some analysts are forecasting a breakout to $2,800 in 2025 with a target of $5,000-$8,000.
read more: Ethereum Forecast: Does ETH pump to $10,000 as confidence grows?
