$Still waiting for the altcoin season? Data shows that the market is quietly changing 📈

The total market capitalization of altcoins has increased by 50%, while Bitcoin's dominance continues to decline. More importantly, over $7 trillion is lying in money market funds, 'sleeping soundly.' With expectations of the Federal Reserve lowering interest rates in September, this money is likely to become a key force driving the next round of the crypto market.

🔍 Institutional funds are flowing into the ETH ecosystem

Unlike previous altcoin seasons dominated by retail investors, this round shows a clear institutional characteristic. Digital asset treasury companies have accumulated approximately 2.95 million ETH, accounting for over 2% of the total supply. Among them, Bitmine Immersion Technologies holds 1.15 million ETH and plans to continue increasing its holdings through $20 billion in financing.

The reason institutions favor ETH is simple: the stablecoin and real-world asset (RWA) narrative provides clearer value support for ETH, while the SEC's stance on liquid staking has further eliminated regulatory uncertainty.

💡 Clear signals of liquidity recovery

Our cryptocurrency liquidity indicators show that after six months of decline, market liquidity has begun to recover. The net issuance of stablecoins has increased, trading volumes are rising, and order book depth is improving—these are all typical characteristics of the early stages of a bull market.

More importantly, the size of money market funds has reached a historical high of $7.2 trillion, reflecting a huge opportunity cost. Once the Federal Reserve starts to cut interest rates, the reallocation of this capital will provide strong momentum for risk assets.

🎯 Focus on ETH ecosystem targets

Among the high Beta options related to ETH, LDO stands out, with an increase of 58% this month. Due to the nature of liquid staking, LDO provides a relatively direct exposure to ETH, with a Beta value of 1.5, meaning it theoretically has a higher yield amplification effect.

Layer 2 and DeFi tokens such as ARB, ENA, and OP are also worth paying attention to, as they often exhibit higher resilience during ETH's upward trends.

We remain optimistic for Q3 2025, but this round of altcoin season may be different from the past—institutional participation makes the market more rational and sustainable. Which sectors do you think are most worth watching in this round of the market?