According to Charmaine Tam, Head of OTC at Hex Trust, Ethereum's recent outperformance against bitcoin serves as a leading indicator for capital flows into altcoins, with ETH dominance rising to nearly 10% and BTC dominance falling 2-3 percentage points, signaling a shift towards DeFi, modular infrastructure, and decentralized AI sectors. Tam noted that institutional demand, including over $1.25 billion in spot ETH ETF inflows since mid-May, supports this trend. Geopolitical tensions from Israeli airstrikes on Iran caused BTC to drop 4.7% to $103.3K and ETH to $2,694, though ETH remains up 40% over three months. Simultaneously, Singapore's Monetary Authority of Singapore has mandated licensing for offshore crypto firms by June 30, leading to shutdowns of exchanges like Bitget and Bybit, a move influenced by past issues with Three Arrows Capital and Terraform Labs that lacked local oversight.