This round of bulls is no longer dominated by retail investors; it is a thorough "Wall Street bull."
With ETF combined with on-chain sentiment, the real signal of the "altcoin season" has arrived.
It was too early to call a bull market before, as the on-chain activity was quiet, and CEX lacked liquidity, with BN only able to engage in Alpha zones and rely on VC to list coins to boost activity. Now it's different—funds have surged into ETH spot ETFs in the past two weeks, with inflows exceeding BTC for two consecutive days. Sbet and BMNR are buying heavily every day, and Sbet even secured 5 billion in financing to launch "Microstrategy 2.0."
Last night, BlackRock also applied for an ETH staking ETF, and the channel from the stock market to CEX to on-chain is completely opened up. OTC can't even get ETH, and the only options are exchanges or on-chain swaps. This round of ETH is strong, and the next stop for funds is likely to be altcoins.
After this wave of ETH rises, the altcoin market has finally started to awaken, showing a rhythm reminiscent of the rotations seen in the bull markets of 2017 and 2021.
PEPE has basically reached the first target I mentioned on Monday; however, this wave of PEPE's performance has been somewhat disappointing. But there's no need to rush for the altcoin rotation; we'll look for a rebound high point at 1632. SOL and SUI are also nearing key resistance, and whether they can break through will depend on the trading volume in the next couple of days.
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The next 10x coin is being positioned; those who want to follow should come.
