I believe that the arrival of the altcoin season is still inevitably needed to bring about a bull market.
In the past three years, ETFs have become the strongest source of external funding support for the crypto industry.
And when looking at the assets under management of ETFs, $BTC ETFs have an AUM of $99.33 billion, $ETH ETFs have an AUM of $15.69 billion; XRP and Solana are each around $1.5 billion.
Following next are Hyperliquid with an AUM of about $464 million, while Chainlink is under $182 million; the AUM of all other listed products is below $60 million.
This gap is extremely stark.
Such a tiered landscape allows investors to rotate from Bitcoin into other compliant assets, without needing to further build out positions across a broader crypto token market.
In previous altcoin seasons, we generally believed that the upside from Bitcoin first flowed into Ethereum, then into large-cap altcoins, and finally spread to various low-cap speculative coins.
But ETFs have opened up a brand-new path: institutional portfolios only adjust positions within Bitcoin, Ethereum, XRP, and Solana—possibly adding HYPE at the end—while most of the token markets remain unaffected.
For a truly real altcoin season to arrive, however, the capital still needs to spread outward further!
In the past three years, ETFs have become the strongest source of external funding support for the crypto industry.
And when looking at the assets under management of ETFs, $BTC ETFs have an AUM of $99.33 billion, $ETH ETFs have an AUM of $15.69 billion; XRP and Solana are each around $1.5 billion.
Following next are Hyperliquid with an AUM of about $464 million, while Chainlink is under $182 million; the AUM of all other listed products is below $60 million.
This gap is extremely stark.
Such a tiered landscape allows investors to rotate from Bitcoin into other compliant assets, without needing to further build out positions across a broader crypto token market.
In previous altcoin seasons, we generally believed that the upside from Bitcoin first flowed into Ethereum, then into large-cap altcoins, and finally spread to various low-cap speculative coins.
But ETFs have opened up a brand-new path: institutional portfolios only adjust positions within Bitcoin, Ethereum, XRP, and Solana—possibly adding HYPE at the end—while most of the token markets remain unaffected.
For a truly real altcoin season to arrive, however, the capital still needs to spread outward further!