QCP Capital: Ethereum's performance has driven the start of the altcoin season, and institutions are leading this round of gains

Odaily Planet Daily News QCP Capital said in its weekly market report released on July 21 that multiple altcoin season indicators have exceeded 50, reaching the highest level since December last year, and the open interest of ETH perpetual contracts jumped from US$18 billion to US$28 billion in a week, indicating that the altcoin season may have officially begun. QCP pointed out that the leaders of this cycle are institutional investors. Benefiting from the clarification of the stablecoin regulatory framework brought about by the implementation of the GENIUS Act, corporate finance has begun to increase its holdings of L1 public chain tokens such as ETH, SOL, XRP and ADA, similar to the role of BTC in Strategy and Metaplanet's financial configuration. If ETH obtains SEC approval for its pledged spot ETF in the next few months, it may attract funds from BTC ETF to ETH, further releasing the potential for returns. In fact, last week, the daily net inflow of ETH spot ETF exceeded BTC for two consecutive days, showing that institutions have a surge in interest in ETH, and BlackRock is also confident in its pledged ETH ETF. In addition, the call spread trading in the ETH options market is active, and the call spread positions expiring in September and December are established in large quantities, highlighting the market's optimism about the fourth quarter. The current BTC market dominance has fallen from 64% to 60%, and the ETH market share has risen from 9.7% to 11.6%. If the trend continues, a new round of altcoin season may have begun. QCP said it will continue to pay attention to relevant signals and update trends as soon as possible.