On July 21, QCP Capital stated in its official channel that multiple indicators suggest the Altcoin season may have quietly begun. The Altcoin season index has surpassed 50, reaching a new high since December last year. The Ethereum perpetual contract open interest surged from $18 billion to $28 billion within a week, with institutional funds becoming the main driving force of this rally.
The passage of the 'GENIUS Act' provides a clear regulatory framework for stablecoin issuance, prompting corporate finance departments to view ETH, SOL, XRP, ADA, and others as a new generation of "crypto reserve assets". Additionally, if the staking Ethereum spot ETF is approved, it is expected to further drive institutional allocation shifts from Bitcoin ETF to ETH.
Last week, ETH spot ETF saw net inflows exceeding BTC for two consecutive days, with institutional confidence significantly strengthened. The options market also shows strong bullish signals, with optimistic expectations for the fourth quarter.
Currently, Bitcoin's market dominance has dropped from 64% to 60%, while ETH's market share has risen to 11.6%. Overall, a new Altcoin market rally may have officially begun.
