Ethereum and Altcoins Poised for Growth Amid Institutional Accumulation

Recent reports indicate continued influx into cryptocurrencies, with $286 million accumulated over the past week, although this is considerably less than the $3.3 billion seen in the previous week. In May, Bitcoin appreciated by 11%, while Ethereum surged by 41%. Notably, Ethereum's inflows are increasing at a faster rate than Bitcoin's, hinting at the possible onset of an altcoin season. Strategy has acquired 705 BTC for $75.1 million at an average price of $106,495 each. Meanwhile, Metaplanet has added an extra 1,088 BTC to its holdings, bringing its total to 8,888 BTC, purchased for a total of $829.7 million at an average of $93,354 per Bitcoin. Furthermore, CryptoQuant reports that the combined ETH balances on exchanges have dropped to the lowest point in a decade, a potential bullish indicator. BTCS Inc has also purchased 1,000 ETH, bolstering their holdings. Overall, the data suggests strong institutional interest and a possible shift in market dynamics towards Ethereum and altcoins, which could lead to a more diversified crypto market in the coming months.