QCPCapital: Ethereum's Performance Drives the Start of Altcoin Season, Institutions Leading This Round of Increase

According to a report from CoinWorld, QCP Capital stated in its market weekly report released on July 21 that several altcoin season indicators have surpassed 50, reaching their highest levels since December of last year. Additionally, the open interest of ETH perpetual contracts has surged from $18 billion to $28 billion in just one week, marking the potential official start of the altcoin season.
QCP pointed out that institutional investors are the leaders in this cycle, benefiting from the clarity brought by the implementation of the GENIUS Act regarding stablecoin regulation. Corporate finances are beginning to accumulate L1 blockchain tokens such as ETH, SOL, XRP, and ADA, similar to the role of BTC in Strategy and Metaplanet's financial allocation.
If ETH receives SEC approval for its spot ETF in the coming months, it may attract funds away from BTC ETFs toward ETH, further unlocking profit potential. In fact, last week, the daily net inflow into ETH spot ETFs exceeded that of BTC for two consecutive days, indicating a surge in institutional interest in ETH. BlackRock also expresses confidence in its staking ETH ETF.
Furthermore, the bullish spread trading in the ETH options market is active, with bullish spread positions for September and December expirations being established, highlighting market optimism for the fourth quarter.
Currently, BTC's market dominance has fallen from 64% to 60%, while ETH's market share has risen from 9.7% to 11.6%. If this trend continues, a new round of altcoin season may have begun. QCP stated that it will continue to monitor relevant signals and update developments promptly.