QCP singles out last Friday\u2019s signing of the GENIUS Act as the pivotal spark behind the rotation. The law creates a comprehensive federal regime for dollar-backed stablecoins, forcing issuers to hold 100 percent short-term Treasury or cash reserves and submit to Bank Secrecy Act oversight. The White House cast the statute as \u201chistoric legislation that will pave the way for the United States to lead the global digital-currency revolution.\u201d<\/p>\n
With regulatory clarity finally in hand, corporate treasuries \u201care racing to build their stockpile,\u201d QCP says, treating ether and other smart-contract platforms\u2014Solana, XRP Ledger and Cardano among them\u2014as the infrastructure layer that will benefit most from an explosion in stablecoin issuance. The desk compares the emerging strategy to the hard-money playbook adopted by publicly listed bitcoin bellwethers such as MicroStrategy and Japan\u2019s Metaplanet.<\/p>\n
The note argues that the policy tailwind is already reshaping capital flows. Spot ether ETFs attracted $602 million on July 17, out-pulling bitcoin ETFs\u2019 $522 million and marking the first daily flow victory for ETH in the eighteen-month history of US crypto ETPs. BlackRock\u2019s iShares Ethereum Trust recorded the single largest subscription and, according to QCP, is \u201cbroadcasting confidence\u201d that its pending amendment to allow on-chain staking will secure SEC approval later this year. Industry analysts concur: the agency is widely expected to rule on the batch of staking amendments before year-end despite BlackRock\u2019s late filing.<\/p>\n
Derivatives positioning mirrors the spot-market exuberance. QCP highlights \u201caggressive\u201d demand for out-of-the-money call spreads such as the ETH-26 Sep 25 $3,400\/3,800 and ETH-26 Dec 25 $3,500\/4,500 structures, along with a persistent bid for call-side risk reversals across all listed tenors. Implied volatility skews now favour calls by their widest margin since the April 2024 meme-coin frenzy, signalling traders\u2019 willingness to pay up for upside exposure through the fourth quarter\u2014precisely the window in which ETF staking approval could drop.<\/p>\n
The Ether surge has already carved four percentage points out of bitcoin\u2019s market-share lead, driving BTC dominance down to 60 percent while lifting ETH\u2019s share from 9.7 percent to 11.6 percent, QCP notes. If that trend holds\u2014and the firm stresses that sustained follow-through in the options market is a key litmus test\u2014\u201cthe next leg of altcoin season may already be in motion.\u201d<\/p>\n
For now, QCP is monitoring three metrics: perpetual OI growth, the altcoin-season index, and relative ETF flows. A decisive break of bitcoin above $121,000 could delay rotation, the desk concedes, but the structural forces unleashed by the GENIUS Act and the prospect of yield-bearing ether ETFs give institutions a tangible reason to diversify. As QCP puts it, \u201cwe\u2019ll be watching these signals closely\u2014and if anything else confirms the thesis, you\u2019ll be the first to know.\u201d<\/p>\n
At press time, ETH traded at $3,846.<\/p>\n
![\"Ethereum](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/07\/ETHUSDT_2025-07-21_16-44-45.png?resize=1024%2C454\")
<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum\u2019s derivatives market has erupted in the past seven days, and the trading desk at Singapore-based QCP Capital argues it is the clearest evidence yet that a long-anticipated altcoin season is finally under way. In a note to clients on Monday, the firm says total perpetual open interest (OI) in ether futures has vaulted from…<\/p>\n","protected":false},"author":1,"featured_media":5992,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[220,1168,12,51,53,55,69,71,232,233],"class_list":["post-5991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market-news","tag-altcoin","tag-altcoin-news","tag-altcoins","tag-crypto","tag-crypto-news","tag-cryptocurrency-market-news","tag-eth","tag-ethereum","tag-ethereum-news","tag-ethereum-price"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/5991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=5991"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/5991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/5992"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=5991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=5991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=5991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}