Asia Colour 21 Jul 25
1/ Is altcoin season finally here? Altcoin season indexes have surged past 50 across major sources, the highest since December. $ETH perpetual open interest has spiked from under $18B to over $28B in a week, and this time it looks like institutions are leading the charge, not retail.
2/ The GENIUS Act, signed into law last Friday, is a major catalyst. It introduces a clear regulatory framework for stablecoin issuance, spurring renewed interest in $ETH and other L1s that host stablecoins. Corporate Treasuries are now racing to accumulate assets like $ETH, $SOL, $XRP and $ADA, hoping they become to them what $BTC is to @Strategy and @Metaplanet_JP.
3/ This rotation could accelerate if the @SECGov greenlights staked $ETH ETFs. We’re already seeing early signs, spot $ETH ETF inflows outpaced $BTC’s for two consecutive days last week, signaling growing institutional conviction and @BlackRock confidence in approval.
4/ Even in the options market, $ETH is showing strength. Risk Reversals are bid for Calls across all tenors, with sizeable bullish positions such as ETH-26SEP25-3400/3800 and ETH-26DEC25-3500/4500 Call Spreads being built, highlighting increased optimism especially into Q4.
5/ $BTC dominance has slipped from 64% to 60% as it struggles to reclaim 121k, while $ETH ’s market share has climbed from 9.7% to 11.6%. If this trend holds, the next leg of altcoin season could already be underway.
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