According to Charmaine Tam, Head of OTC at Hex Trust, Ethereum's outperformance against bitcoin, with ETH dominance rising to nearly 10%, serves as a leading indicator for capital flows into altcoins like Pendle and Bittensor, supported by on-chain data and institutional demand for ETH ETFs attracting over $1.25 billion. The Monetary Authority of Singapore has implemented new licensing requirements for offshore crypto firms, effective June 30, potentially influenced by past issues with Three Arrows Capital and Terraform Labs, leading exchanges such as Bitget and Bybit to shut down operations. Geopolitical tensions from Israeli airstrikes on Iran have caused market volatility, with BTC prices declining to around $103.3K and ETH dropping to $2,694, while Quranium launched a quantum-safe wallet to address future cryptographic threats.

According to Charmaine Tam, Head of OTC at Hex Trust, ETH's outperformance with nearly 40% gains over three months signals capital shifting to altcoins like DeFi and AI sectors, amid Israeli airstrikes causing BTC to drop 4.7%. Tam notes ETH dominance rising to 10% while BTC dominance falls, indicating institutional demand via spot ETH ETFs attracted $1.25 billion since mid-May. Concurrently, Singapore's MAS banned offshore crypto exchanges such as Bitget and Bybit, a regulatory move analysts link to reputational damage from Three Arrows Capital and Terraform Labs collapses. Quranium launched QSafe Wallet with quantum-resistant encryption to counter emerging threats, as cryptography researchers warn current standards are vulnerable.

According to Gregory Mall, Bitcoin (BTC) reached a new all-time high on May 22, driven by central bank rate cut expectations from futures markets, institutional inflows into spot BTC ETFs exceeding $16 billion year-to-date, and easing political risks. Mall notes that BTC dominance has risen to 54%, and historical data from TradingView indicates this often precedes altcoin rallies, with Ethereum (ETH) already surging 81% since April lows. Indicators for a potential altcoin season include institutional broadening into diversified crypto indexes, Layer 1 innovations like Solana (SOL), and DeFi resurgence with total value locked at $117 billion, as reported by DeFiLlama. However, Mall cautions that crypto remains a risk-on asset amid global economic fragility highlighted by the OECD report.