QCP: The influx of institutions drives the altcoin season, with ETH expected to become the next main player

ChainCatcher message, QCP Capital stated in its released market weekly report that several altcoin season indicators have surpassed 50, reaching the highest level since December of last year. Additionally, the open interest of ETH perpetual contracts has jumped from $18 billion to $28 billion in just one week, marking the possible official start of the altcoin season.

QCP pointed out that the leaders of this cycle are institutional investors, benefiting from the clarity brought by the GENIUS Act regarding stablecoin regulation. Corporate finances have begun to increase their holdings in 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 gains SEC approval for its spot ETF in the coming months, it could attract funds from the BTC ETF to ETH, further releasing profit potential. In fact, last week the daily net inflow of ETH spot ETF surpassed BTC for two consecutive days, indicating a surge of institutional interest in ETH, and BlackRock also holds confidence in its staking ETH ETF.

Additionally, the call spread trading in the ETH options market is active, with significant positions established in call spreads expiring in September and December, highlighting the market's optimism for the fourth quarter.

Currently, BTC's market dominance has fallen from 64% to 60%, while ETH's market share has risen from 9.7% to 11.6%. If this trend continues, a new round of altcoin season may have already begun. QCP stated that it will continue to monitor relevant signals and provide timely updates.