Multiple on-chain data and capital flow signals indicate that a round of altcoin-led market activity may have quietly begun.

After Bitcoin's strong breakout above its historical high, the attention of the crypto market is subtly shifting towards high Beta assets like Ethereum and Solana. Multiple on-chain data and capital flow signals suggest that a round of altcoin-led market activity may have quietly started.

Ethereum and Solana Show Strong Performance, Main Capital Accelerates Entry

Recently, the market performance of Ethereum and Solana has been particularly eye-catching. According to market data from the Huobi HTX platform, as of now, Ethereum (ETH) has risen from 2474 USDT at the beginning of July to a high of 3857 USDT, an increase of over 55%.

This significant upward trend is not coincidental. Data from the on-chain monitoring platform Lookonchain shows that from July 1 to 21, 23 whales or institutions have collectively purchased 681,103 Ethereum, amounting to approximately 2.6 billion US dollars, indicating that ETH is becoming a core target for main capital accumulation in the market.

At the same time, the ETF market is also releasing positive signals. According to Trader T monitoring, on July 21, the net inflow of ETH spot ETFs reached 297 million US dollars, setting a record for the highest single-day inflow, accounting for 80% of Bitcoin ETF trading volume, and marking a continuous 12-day net inflow, with a very clear trend of capital inclination.

On the other hand, Solana, once hailed as the "Ethereum killer," is also performing well. Market data from the Huobi HTX platform shows that Solana (SOL) has surged from 157.8 USDT to a high of 204.6 USDT, an increase of 29.6%. Meanwhile, Solana's ecosystem tokens have also seen a broad rise. As of 10 AM on July 22, RAY has risen 21.01% in the last 24 hours; PENGU has risen 20.5%; JUP has risen 17.14%; and AI16Z has risen 14.73%.

The strength of ETH and SOL is not just a single-point explosion of individual mainstream assets, but rather a structural signal—capital is shifting from Bitcoin to more volatile and growth-oriented altcoin sectors, and the curtain on the "altcoin season" may have officially been raised.

BTC Market Share Continues to Decline, Altcoin Season Index Strengthens

As ETH and SOL rise in succession, the market structure is also quietly changing. Bitcoin's market dominance is gradually being eroded, providing space for capital to flow into altcoin assets.

Data from Coinmarketcap shows that Bitcoin's market share has been continuously declining, currently reported at 60.1%, marking a new low since March of this year. Meanwhile, the Altcoin Season Index has risen, peaking at 55 on July 21 and currently reported at 50. This index indicates that in the past 90 days, about 50 projects among the top 100 cryptocurrencies by market capitalization have outperformed Bitcoin.

Data Source: CoinMarketCap

Data Source: CoinMarketCap

Chloe (@ChloeTalk1), a columnist for HTX DeepThink and a researcher at HTX, analyzes that Bitcoin's strong breakout above its historical high has sparked widespread expectations for an "altcoin activation season." This round of Bitcoin's rise benefits from its safe-haven attributes and the label of a dollar credit asset. With rising Japanese government bond yields and a potential turning point in the global interest rate structure, combined with a bullish bias in the options market, this forms an important structural basis for capital switching from BTC to altcoin assets.

Market View: The Real Altcoin Bull Market May Still Be Ahead

QCP Capital, in its latest research report, points out that multiple indicators suggest that the altcoin season may have quietly begun. The Altcoin Season Index has surpassed 50, reaching a new high since last December. 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-based Ethereum spot ETF is approved, it is expected to further drive institutions to shift their allocations from Bitcoin ETFs to ETH. Last week, ETH spot ETFs saw net inflows exceeding BTC for two consecutive days, significantly boosting confidence among institutions like BlackRock. The options market is also showing strong bullish signals, with optimistic expectations for the fourth quarter.

Contract whale James Wynn believes that BTC may reach around 145,000 US dollars by the end of July. Subsequently, a sharp correction is expected, falling back to 110,000 US dollars. In the next 1 to 2 months, a strong altcoin bull market is anticipated, marking the phase when everyone truly starts to FOMO. He also predicts that Bitcoin's dominance has been maintained for too long, and altcoins are gradually rising. By the fourth quarter, as the Federal Reserve begins to cut interest rates, Bitcoin will usher in a new round of increases, potentially rising to between 160,000 and 240,000 US dollars.

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