Tether’s $USDT briefly became the largest crypto asset by market cap, flipping Ethereum on the 26th of June. This is followed by a sharp, Bitcoin-driven plunge that dragged the $ETH price to a low of $1.51K.

Notably, the extended price dip contracted $ETH’s market cap to $184.4B, slightly below $USDT’s market supply of $186B.

The Friday move and resulting brief shift were purely due to extended selling pressure. An extended price decline in $ETH could make $USDT’s another stab at the second-largest asset position.

But it does not mean market sentiment is no longer bullish on $ETH, as this was tied to a broader market move. It’s worth pointing out that during such volatile scenarios, investors exit…