Bitcoin is on track to outperform Ethereum in Q2 2026, marking a potential first since 2023. The total crypto market cap has rebounded by nearly 11% in April, with Bitcoin capturing 85% of the inflows, boosting its dominance above 60%. This shift in capital preference is reflected in the ETH/BTC ratio, which has declined by 3.2% so far this quarter. The trend is supported by significant liquidity inflows, with stablecoin market cap reaching a record $320 billion and the Federal Reserve injecting $17.703 billion in April. These factors have bolstered Bitcoin's resilience in both risk-on and risk-off environments, suggesting it may continue to lead the market through Q2.