Ethereum shows signs of strength against Bitcoin, but altcoin season remains elusive as Pump.fun dominates retail interest, generating $700 million.
As the crypto community watches for signs of a long-awaited altseason, Ethereum ETH $2 493 24h volatility: 3.1% Market cap: $300.95 B Vol. 24h: $27.84 B appears to be showing early signs of strength against Bitcoin BTC $104 603 24h volatility: 1.1% Market cap: $2.08 T Vol. 24h: $44.05 B , hinting at a potential capital rotation into altcoins.
The Setup: ETH/BTC Signals a Potential Shift
Prominent analyst Michaël van de Poppe recently highlighted Ethereum’s notable strength against Bitcoin.
It's interesting to see that $ETH continues to show strength.
Slowly, but surely, the momentum is changing towards #Altcoins. pic.twitter.com/L7PaibpSXZ
— Michaël van de Poppe (@CryptoMichNL) June 4, 2025
In his analysis of the ETH/BTC pair, he noted that the pair has held the 0.023–0.024 BTC support zone, a key level that had previously served as a must-hold area during downward moves.
Now, the pair is consolidating just below the 0.02884 BTC resistance, a region that acted as a ceiling through much of 2024. More importantly, ETH/BTC appears to be carving out a bullish structure, forming a higher low after breaking out of a long-term descending channel.
If this structure holds and the pair breaks above the 0.02884 BTC resistance, it could mark a technical trend reversal, potentially triggering the long-awaited altcoin season.
Pump.fun: The Real Winner of 2024?
In a cycle where many altcoins have failed to gain serious traction, Pump.fun, a meme coin platform on Solana SOL $149.8 24h volatility: 0.3% Market cap: $78.53 B Vol. 24h: $4.71 B , pulled in over $700 million in revenue since launching in February 2024. Insiders say that it may raise up to $1 billion through a public token sale.
SCOOP: Sources confirm to Blockworks that pumpdotfun will sell its token at a $4 billion valuationhttps://t.co/Dk8aVTNfeB
— Blockworks (@Blockworks_) June 3, 2025
What’s particularly striking is that while most altcoin projects struggle to find liquidity, Pump.fun is thriving off retail FOMO. The frenzy of launching joke coins with zero fundamentals seems to have eclipsed interest in even mid-cap altcoins with legitimate use cases.
This reflects not just a market driven by speculation, but one where virality is more important than utility.
Blame Game and the Altseason That Never Came
Some seasoned traders aren’t buying the narrative that Pump.fun “killed altseason.” Crypto trader CRG pointed out the irony:
“Binance makes billions of dollars a year off the back of retail flow, yet everyone hates Pump.fun because they made $700 million.”
I don't think it is
Ppl blame pump fun for this cycle being shit for altcoins… even though interest rates are at the highest level altcoins have ever seen
Retail get fleeced every cycle, this isn't some new phenomena, I don't like pump fun either but let's be real, most… https://t.co/axaQ6kYH9d
— CRG (@MacroCRG) June 4, 2025
He also emphasized that gambling and losing is not a new concept in crypto. In his view, platforms like Pump.fun are just a more transparent version of what has always happened, retail traders getting fleeced while centralized platforms quietly rake in profits.
I don't think it is
Ppl blame pump fun for this cycle being shit for altcoins… even though interest rates are at the highest level altcoins have ever seen
Retail get fleeced every cycle, this isn't some new phenomena, I don't like pump fun either but let's be real, most… https://t.co/axaQ6kYH9d
— CRG (@MacroCRG) June 4, 2025
“Perps have caused 10x more loss of capital to retail than Pump.fun,” he added, blaming perpetual futures markets for draining spot market liquidity and discouraging long-term investing in altcoins.
CRG noted that the demand for altcoins is just isn’t as high anymore despite interest levels being extremely high. “Interest rates are at the highest level altcoins have ever seen… there just isn’t a bid for them.” In other words, the lack of altcoin season isn’t because of Pump.fun.
It’s because the broader environment, high interest rates, tight liquidity, and economic uncertainty, has no appetite for speculative investments that don’t deliver immediate gratification. If you’re looking for something with real potential, we recommend checking out our list of high potential meme coins.
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