TechFlow, July 21 — QCP Capital posted an analysis indicating that recent indicators suggest the alt season may have quietly begun. The altcoin season index has surpassed 50, reaching its highest level since last December.
The passage of the GENIUS Act provides a clear regulatory framework for stablecoin issuance, prompting corporate treasuries to view ETH, SOL, XRP, ADA, and others as the new generation of "crypto reserve assets." Additionally, if staking-enabled spot Ethereum ETFs are approved, it could further drive institutional capital from Bitcoin ETFs toward ETH allocations.
Last week, spot ETH ETFs recorded net inflows exceeding BTC for two consecutive days, significantly boosting confidence among institutions like BlackRock. The options market also shows strong bullish signals, with optimistic expectations for Q4 performance.
Bitcoin's market dominance has declined from 64% to 60%, while ETH's share has risen to 11.6%. Overall, a new altcoin rally may have officially commenced.
