PANews July 21 news, according to QCP Asia's analysis today, the altcoin season index broke through 50, the highest since December last year, and the open interest of ETH perpetual contracts soared from US$18 billion to US$28 billion in a week. There are signs of institutional-led fund rotation, driven by the GENIUS Act signed last Friday, which introduced a clear regulatory framework for the issuance of stablecoins, making L1 chains such as ETH once again attract the attention of corporate treasuries. ETH spot ETF fund inflows exceeded BTC for two consecutive days, and the market is optimistic about the possibility of approval of the pledged version of ETF. The ETH options market also showed an increase in bullish sentiment, with more bets in the fourth quarter. In the past week, BTC dominance fell to 60%, and ETH's market share increased to 11.6%. The altcoin season may have started.