Cryptocurrency analyst Willy Woo highlighted a significant shift in capital from Bitcoin BTC/USD to Ethereum ETH/USD on Tuesday, fueled by BitMine Immersion Technologies Inc.‘s BMNR treasury play.

In an X post, Woo noted that the daily inflows into ETH, at around $0.9 billion, are nearing those of BTC. They cited a graph to show that the capital rotation began after BitMine started accumulating ETH in early July.

Notably, BTC’s market dominance also started to shrink from that point, falling from 64.5% to 57.2% as of this writing, according to CoinMarketCap. ETH’s market share has grown from 9.2% to 14.4% in this period.

This obvious rotation has reflected in prices, with BTC up only 2.9% while ETH has surged by a massive 82%.

See Also: Ethereum To Hit $7,500 By End Of 2025: Standard Chartered

BitMine, under the leadership of leading Wall Street strategist Tom Lee, has become the largest Ethereum treasury company and the world’s second-largest cryptocurrency treasury, with a stash of 1,713,899 ETH, valued at $7.92 billion. Seasoned investors like Cathie Wood and Peter Thiel have acquired significant stakes in the firm.

Bitcoin has traditionally been the leading asset in treasury allocations. While Ethereum was slow to catch on, it has emerged as a strong force over the last two months.

The total ETH held by public companies stood at 3,041,192, worth over $14 billion, and accounting for 2.5% of the total coins in circulation. This is roughly 8.5% of the total BTCs held in treasury reserves.

Price Action: At the time of writing, BTC was exchanging hands at $111,397.16, up 1.14% over the last 24 hours, according to data from Benzinga Pro. ETH was up 4.50% to $$4,625 at last check.

BitMine shares closed 0.71% higher at $49.95 during Tuesday’s regular trading.

As of this writing, the stock demonstrated a very low Momentum score. Visit Benzinga Edge Stock Rankings to see how it stacks up against Strategy Inc. MSTR, the world’s largest cryptocurrency treasury company.