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After Bitcoin's strong breakthrough from its all-time high, the crypto market's attention is quietly turning to high-beta assets such as Ethereum and Solana. Multiple on-chain data and capital flow signals show that a round of altcoin-led market may have quietly started. Ethereum and Solana performed strongly, and the main funds accelerated their entry Recently, the market performance of Ethereum and Solana has been particularly eye-catching. According to Huobi HTX platform market data, as of now, Ethereum (ETH) has risen from 2,474 USDT to 3,857 USDT in early July, an increase of more than 55%. This significant rise is not accidental, as data from the on-chain monitoring platform Lookonchain shows that from July 1 to 21, 23 whales or institutions have bought a total of 681,103 Ethereum, with an amount of about $2.6 billion, indicating that ETH is becoming the core target of the market's main funds to increase their positions. At the same time, the ETF market also released positive signals. According to Trader T monitoring, on July 21, the net inflow of ETH spot ETFs reached $297 million, the highest single-day inflow record in history, accounting for 80% of the Bitcoin ETF trading volume, and it was also a continuous 12-day net inflow, and the capital tilt trend was very obvious. On the other hand, Solana, once known as the "Ethereum killer", also performed well. According to Huobi HTX platform market data, Solana (SOL) rose from 157.8 USDT to 204.6 USDT, an increase of 29.6%. At the same time, Solana ecosystem tokens generally rose, with RAY up 21.01% in the past 24 hours as of 10:00 on July 22; PENGU rose 20.5% in the past 24 hours; JUP rose 17.14% in the past 24 hours; AI16Z has risen by 14.73% in the past 24 hours. The strength of ETH and SOL is not just a single outbreak of individual mainstream assets, but more like a structural signal - funds are shifting from Bitcoin to the more volatile and growing altcoin sector, and the prelude to the "altcoin season" may have officially begun. BTC market share continues to fall, and the altcoin seasonal index strengthens While ETH and SOL have risen in turn, the market structure has also quietly changed. Bitcoin's market dominance is gradually eroding, providing room for capital to flow into altcoin assets. Coinmarketcap data shows that Bitcoin's market share has continued to decline and is now trading at 60.1%, a new low since March this year. Meanwhile, the Altcoin Season Index rose, reaching a high of 55 on July 21 and is now at 50. The index shows that about 50 of the top 100 cryptocurrencies by market capitalization have outperformed Bitcoin in gains over the past 90 days. Source: CoinMarketCap Source: CoinMarketCap Chloe (@ChloeTalk1), a columnist for HTX DeepThink and a researcher at HTX Research, believes that Bitcoin's strong breakthrough has broken through record highs, stimulating the market's general expectations for the "altcoin activation season". Bitcoin's rise in this round is due to its safe-haven nature and US dollar credit asset label, and at a time when Japanese government bond yields are rising and the global interest rate structure may reach an inflection point, combined with the structure of the options market, this constitutes an important structural basis for funds to switch from BTC to altcoin assets. Market view: The real altcoin bull market may still be to come QCP Capital pointed out in its latest research report that multiple indicators show that the altcoin season may have quietly begun. The altcoin seasonal index has crossed 50, a new high since December last year. The passage of the GENIUS Act provides a clear regulatory framework for stablecoin issuance, prompting corporate finance departments to consider ETH, SOL, XRP, ADA, and others as a new generation of crypto reserve assets. In addition, if the pledged Ethereum spot ETF is approved, it is expected to further promote institutional shifts from Bitcoin ETFs to ETH allocations. Last week, ETH spot ETFs saw net inflows exceeding BTC for two consecutive days, significantly increasing the confidence of institutions such as BlackRock. The options market also showed strong bullish signals, and the market was expected to be optimistic in the fourth quarter. Futures whale James Wynn believes that BTC may reach around $145,000 by the end of July. Subsequently, a sharp correction is expected, falling back to $110,000. The next 1 to 2 months will usher in a strong altcoin bull market, which is the stage where everyone really starts FOMO. He also predicts that Bitcoin's dominance has been maintained for too long, and altcoins are gradually emerging. By the fourth quarter, after the Fed starts cutting interest rates, Bitcoin will usher in a new round of gains, possibly between $160,000 and $240,000.