ambcrypto.com
30 September 2026 05:15, UTC
Ethereum has been a clear outperformer of the Q3 cycle.
According to CoinGlass data, $ETH is on track to finish the Q3 with more than 70% ROI compared with Bitcoin’s 43%. That puts $ETH’s quarterly returns more than 1.5x greater than those of Bitcoin.
But the larger question is, can this outperformance continue in Q4, which has traditionally favored Bitcoin?
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Since 2021, $ETH has not once outperformed Bitcoin in Q4. So technically, this $ETH/$BTC chart does have even more significance. The $ETH/$BTC ratio is currently chopping around the 0.03 resistance, which is a level it has failed to reclaim since losing it ahead of the October crash.
A clean breakout above 0.03 could therefore be the key confirmation that $ETH’s Q3 momentum is carrying into Q4.
Interestingly enough, institutional positioning does not seem to be following this trend.
According to SoSoValue, Bitcoin ETFs are wrapping up Q3 with more than $6 billion in net inflows, more than 2x Ethereum’s. In fact, $BTC’s $3.1 billion in net inflows in August alone is bigger than the whole Q3 Ethereum inflow of about $3 billion.
And with corporate accumulation picking up around $BTC, institutional demand still seems to be skewed towards Bitcoin.
That makes Bitmine’s latest buying of Ethereum [$ETH] rather intriguing. It came just as MSTR and Strive were continuing their $BTC accumulation, and rotational buying in altcoins was getting going.
So if the rotation continues and $ETH/$BTC breaks higher, could it set the stage for a Q3-style “$ETH-driven” rally in Q4?
BitMine is once again doubling down on its $ETH strategy and has added another 17,000 $ETH to its holdings.
The timing is certainly intriguing as Strategy added 1,665 $BTC to its holdings, while Strive bought $94.5 million worth of Bitcoin, thus surpassing the 27,400 $BTC threshold. This puts fresh accumulation behind both $ETH and $BTC as capital begins to rotate back into altcoins.
This shift is already starting to show in the price action as $ETH is outperforming $BTC on the monthly timeframe. Meanwhile, the Altcoin Season Index has broken above its mid-August high of 61, and Bitcoin dominance is down nearly 1.7% this month.
Together, the improving altcoin breadth, lower $BTC dominance, and new corporate accumulation may give Ethereum another leg higher as October draws near.
The logic is simple: FOMO is currently favoring Ethereum.
$ETH’s Q3 rally is adding to the setup, as the asset has already delivered more than 1.5x Bitcoin’s ROI this quarter, thus providing investors with yet another reason to HODL $ETH.
Against this backdrop, $ETH/$BTC could be entering a stronger accumulation phase with BMNR’s buying just one part of the broader setup.
If this momentum holds, a breakout in $ETH/$BTC could be next. That would put Ethereum in a position to outperform Bitcoin [$BTC] in Q4 for the first time since 2021.
