QCP: Institutional funds are pouring into Ethereum, the altcoin season may have already begun.

Multiple indicators show that the altcoin season may have officially arrived. According to the latest report from QCP Asia, the open interest (OI) of ETH perpetual futures surged from $18 billion to $28 billion within a week. With the GENIUS Act establishing a regulatory framework for stablecoins, public chains like Ethereum are once again becoming a focus for institutional interest. Meanwhile, ETH spot ETFs have seen inflows exceeding Bitcoin for two consecutive days, indicating that institutions have begun shifting from BTC to ETH. The rising demand for Ethereum call options and the declining dominance of BTC mark the potential initiation of a new cycle in the altcoin market.

Altcoin index breaks 50, institutions drive a new round of market

Multiple data sources indicate that the Altcoin Season Index has surpassed 50, reaching a new high since December of last year. While retail investors are chasing short-term rises, this round of market movement is more likely to be led by institutions, driven by narrative changes and structural regulatory advancements.

The GENIUS Act Becomes a Key Catalyst

Last Friday, the U.S. officially signed the GENIUS Act, providing a clear regulatory framework for stablecoin issuance. As a major platform for stablecoins, Ethereum and other L1 chains (such as Solana, XRP, Cardano) have thus gained market favor, particularly attracting the attention of corporate treasuries. These companies are trying to use L1 assets like ETH as strategic reserve assets, similar to the way Strategy and Metaplanet operate with Bitcoin.

ETH Spot ETF inflow surpasses BTC, institutions are repositioning

It is worth noting that last week, the inflow of ETH Spot ETF exceeded that of BTC ETF for two consecutive days, indicating that giants like Blackrock are optimistic about the approval of staking-based ETH Spot ETF. This expectation is driving institutions to shift from BTC to ETH, not only for asset diversification but also for the potential for higher returns.

Bullish sentiment in the ETH options market is rising, focusing on the fourth quarter

In the options market, Ethereum's full-term Risk Reversal (the premium of call options relative to put options) has shown bullish signals. This includes large-scale purchases of the September 26th 3400/3800 USD and December 26th 3500/4500 USD call spread combinations, indicating that investors are confident about Q4 performance.

BTC dominance declines, ETH market share rises

Bitcoin's dominance rate has declined from 64% to 60% over the past week, while ETH's market share has risen from 9.7% to 11.6%. Bitcoin has repeatedly faced resistance around $121,000, while Ethereum continues to attract funding attention. If this trend continues, the next upward phase of the altcoin season may have quietly begun.

Conclusion: The continuous influx of institutional funds and favorable policies are building a new round of rise for Ethereum and other altcoins. From ETF fund flows, options market layouts to changes in dominance, multiple signals indicate that the altcoin season may have begun. The coming weeks will be a key window, closely following ETH movements will become the key to success for investors.