After BTC strongly broke through its historical high point, the crypto market's attention is quietly shifting towards high-beta assets like ETH, Solana. Multiple on-chain data and capital flow signals indicate that a market trend led by Altcoins may have quietly started.
Ethereum and Solana Perform Strongly, Institutional Funds Accelerate Entry
Recently, Ethereum and Solana's market performance has been particularly eye-catching. According to HTX platform market data, currently, Ethereum (ETH) has risen from 2474 USDT in early July to 3857 USDT, an increase of over 55%.
This significant rise is not coincidental. Lookonchain's on-chain monitoring platform data shows that from July 1st to 21st, 23 whales or institutions have collectively purchased 681,103 Ethereum, worth approximately $2.6 billion, indicating that ETH is becoming the core target for institutional fund allocation.
Meanwhile, the ETF market is also releasing positive signals. According to Trader T's monitoring, on July 21st, ETH spot ETF net inflow reached $297 million, creating a historical single-day inflow record, accounting for 80% of Bitcoin ETF trading volume, and continuing a 12-day net inflow, with a very obvious fund tilt.
On the other side, Solana, once dubbed the "Ethereum killer", is also performing well. HTX platform market data shows Solana (SOL) has risen from 157.8 USDT to 204.6 USDT, an increase of 29.6%. Simultaneously, Solana ecosystem tokens are generally rising, with RAY up 21.01% in the past 24 hours as of July 22nd 10:00; PENGU up 20.5%; JUP up 17.14%; AI16Z up 14.73%.
The strength of ETH and SOL is not just a single breakthrough of mainstream assets, but more like a structural signal - funds are moving from Bitcoin towards more volatile and growth-oriented Altcoin sectors, and the "Altcoin season" curtain may have officially risen.
BTC Market Dominance Continues to Decline, Altcoin Season Index Strengthens
While ETH and SOL are taking turns rising, the market structure is also quietly changing. Bitcoin's market dominance is gradually being eroded, providing space for funds to flow into Altcoin assets.
Coinmarketcap data shows Bitcoin's market dominance is continuously declining, currently at 60.1%, a new low since March this year. Meanwhile, the Altcoin Season Index is rising, reaching a high of 55 on July 21st, currently at 50. This index indicates that in the past 90 days, about 50 projects among the top 100 cryptocurrencies by market cap have outperformed Bitcoin.
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HTX DeepThink columnist and HTX Research analyst Chloe (@ChloeTalk1) believes that Bitcoin's strong breakthrough of historical new highs has inspired market expectations of an "Altcoin activation season". This round of Bitcoin's rise benefits from its safe-haven attributes and US dollar credit asset label. At a time when Japanese bond yields are rising and global interest rate structures may be at an inflection point, combined with a bullish options market structure, this constitutes an important structural basis for funds switching from BTC to Altcoin assets.
Market Perspective: The Real Altcoin Bull Market May Still Be Ahead
QCP Capital's latest research report points out that multiple indicators suggest the Altcoin season may have quietly started. The Altcoin Season Index has broken through 50, creating a new high since December last year. The passage of the "GENIUS Act" provides a clear regulatory framework for stablecoin issuance, prompting corporate finance departments to view ETH, SOL, XRP, ADA, and others as a new generation of crypto reserve assets. Additionally, if a staking Ethereum spot ETF is approved, it is expected to further drive institutional allocation shifts from Bitcoin ETF to ETH. Last week, ETH spot ETF net inflow exceeded BTC for two consecutive days, with institutional confidence significantly enhanced. The options market also shows strong bullish signals, with optimistic expectations for Q4 performance.
Derivatives whale James Wynn believes BTC might reach around $145,000 by late July. Subsequently, he expects a sharp pullback to $110,000. In the next 1-2 months, a strong Altcoin bull market is anticipated, which is the phase when FOMO truly begins. He also predicts that Bitcoin's dominance has lasted too long, and Altcoins are gradually rising. By Q4, when the Federal Reserve starts cutting rates, Bitcoin will usher in a new round of increases, potentially rising to between $160,000 and $240,000.
