QCP Capital: Signs of Altcoin Season Emerge as Institutional Funds Accelerate Ethereum Positioning

On July 21st, QCP Capital announced on its official channel that recent indicators imply that the altcoin season may have begun quietly. The Altcoin Season Index has exceeded 50 and reached a new high since December of last year. The open interest of Ethereum perpetual contracts surged from $18 billion to $28 billion within a week, with institutional funds driving this round of growth. The passage of the "GENIUS Act" has provided a clear regulatory framework for the issuance of stablecoins, causing corporate finance departments to regard ETH, SOL, XRP, ADA, etc. as a new generation of "crypto reserve assets." Additionally, if the Ethereum spot ETF is approved, it is expected to further drive the institutional allocation from Bitcoin ETF to ETH. Last week, the ETH spot ETF witnessed net inflows exceeding BTC for two consecutive days, significantly enhancing the confidence of institutions such as BlackRock. The options market also shows a strong bullish signal, with an optimistic outlook for the fourth quarter. Currently, the Bitcoin dominance has dropped from 64% to 60%, while the ETH dominance has risen to 11.6%. Overall, it seems that a new round of the altcoin season has officially kicked off.