QCP: ETH perpetual open interest has surged to $28B in a week, and ETH ETFs have seen two consecutive days of inflows surpassing BTC. Driven by the GENIUS Act, institutions are reallocating to ETH and custody-backed stablecoin L1s. ETH market share has risen to 11.6%, while BTC dominance has dropped to 60%. Bullish positioning is also visible in the options market, signaling signs of an altcoin season.