According to Charmaine Tam, Head of OTC at Hex Trust, Ethereum's recent outperformance against bitcoin, with ETH dominance rising to nearly 10% while BTC dominance fell by 2-3 percentage points, indicates capital is shifting towards altcoins like DeFi and AI sectors, supported by on-chain flows into assets such as Pendle and Bittensor and institutional demand for spot ETH ETFs attracting over $1.25 billion since mid-May. Geopolitical tensions from Israel's attack on Iran caused BTC and ETH prices to plunge, as reported in market data. Singapore's Monetary Authority of Singapore (MAS) has enforced new licensing requirements for offshore crypto firms, a move linked to the collapses of Three Arrows Capital and Terraform Labs due to minimal oversight, according to MAS regulatory updates.