Ethereum News Today: Altcoin Season Begins as ETH Dominance Rises 11.6%

QCP Capital has indicated that recent market indicators suggest the onset of an altcoin season. The Altcoin Season Index has surpassed 50, reaching a new high since December of the previous year. This surge is driven by a significant increase in the open interest of Ethereum perpetual contracts, which rose from $18 billion to $28 billion within a week. Institutional funds are identified as the primary drivers behind this growth.

The passage of the "GENIUS Act" has provided a clear regulatory framework for stablecoin issuance, leading corporate finance departments to view ETH, SOL, XRP, ADA, and other cryptocurrencies as a new generation of "crypto reserve assets." Additionally, if the Ethereum spot ETF receives approval, it is expected to further drive institutional allocation from Bitcoin ETFs to ETH.

Last week, the ETH spot ETF experienced net inflows that exceeded those of BTC for two consecutive days, significantly boosting confidence among institutions such as BlackRock. The options market also reflects a strong bullish signal, with an optimistic outlook for the fourth quarter.

Currently, Bitcoin's dominance has decreased from 64% to 60%, while ETH's dominance has risen to 11.6%. Overall, these indicators suggest that a new round of the altcoin season has officially begun.