QCP Capital: Clear signs of the alt season starting, institutional funds accelerating their layout in Ethereum.

On July 21, QCP Capital stated in an official channel that several indicators recently show that the alt season may have quietly begun. The altcoin season index has surpassed 50, setting a new high since December of last year. The open interest for Ethereum perpetual futures surged from 18 billion USD to 28 billion USD within a week, with institutional funds becoming the main force behind this round of rise. The passage of the GENIUS Act provides a clear regulatory framework for stablecoin issuance, prompting corporate finance departments to regard ETH, SOL, XRP, ADA, and others as a new generation of "encryption reserve assets." Furthermore, if staking-based Ethereum spot ETFs are approved, it is expected to further drive institutions to shift their allocation from Bitcoin ETFs to ETH. Last week, the Ethereum spot ETF saw net inflows exceeding Bitcoin for two consecutive days, significantly boosting confidence among institutions like BlackRock. The options market also shows strong bullish signals, with optimistic expectations for the fourth quarter market. Currently, Bitcoin's market share has dropped from 64% to 60%, while Ethereum's market share has risen to 11.6%. Overall, a new round of altcoin market may have officially started.