[Alt Season 🙂‍↔️] With the GENIUS Act codifying stablecoin issuance in U.S. law, ETH and other L1s (SOL, XRP, ADA) are no longer in limbo and aren’t just smart contract platforms. They’re becoming regulatory-compliant collateral rails for dollar-denominated corporate strategies. We’re seeing institutional capital rotate into ETH, not just for narrative or yield, but because it now sits at the intersection of regulatory clarity (GENIUS), infrastructure (stablecoin volume), and capital efficiency (potential ETH staking ETFs). Updates from @QCPgroup • ETH open interest jumping from $18B → $28B in a week • Spot ETH ETF inflows outpacing BTC (twice last week) • Call spreads lighting up Q4 ETH options • BTC dominance slipping, alt L1s creeping up
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