According to online reports, QCP Capital said in a weekly market report released on July 21 that multiple altcoin season indicators have exceeded 50, reaching the highest level since December last year. In addition, the open interest in ETH perpetual contracts jumped from US$18 billion in one week to US$28 billion, marking that the altcoin season may have officially begun. QCP pointed out that the dominant players in this cycle are institutional investors. Benefiting from the clarification of the stablecoin regulatory framework brought about by the implementation of the GENIUS Act, corporate finance has begun to increase its holdings of L1 public chain tokens such as ETH, SOL, XRP and ADA, similar to BTC's role in the financial allocation of Strategy and Metaplanet. If ETH obtains approval from the SEC to pledge spot ETFs in the next few months, it may attract funds from BTC ETFs to ETH, further releasing income potential. In fact, the net daily inflow of ETH spot ETFs exceeded BTC for two consecutive days last week, indicating a surge in institutional interest in ETH. BlackRock is also confident in its pledge of ETH ETFs. In addition, call spread trading in the ETH options market was active, and call spread positions due in September and December were established in large quantities, highlighting the market's optimism about the fourth quarter. The current BTC market dominance rate has dropped from 64% to 60%, and the ETH market share has increased from 9.7% to 11.6%. If the trend continues, a new round of altcoin season may begin. QCP stated that it will continue to pay attention to relevant signals and update trends as soon as possible.