Upon waking up, BTC has once again hit a new high!
Around 4 AM today, BTC price rose to touch $112,000, creating a new historical high, currently trading around $111,240; ETH also rebounded, breaking through $2,700, currently trading at $2,782, with a 24-hour increase of nearly 7%; SOL also bounced back to near $160, currently trading at $158, with a 24-hour increase of over 4%.
The arrival of this new high has once again prompted the market to ask that age-old question: When will the Altcoin season arrive? Odaily will sort out the driving factors behind the recent price surge and market representative perspectives in this article.
Macro Environment Stabilizes, Trump's Tariff War Impact Diminishes
At the macro level, with the Israel-Palestine ceasefire and the phased end of Trump's tariff war, the crypto market and global economic environment are stabilizing, providing some support for price recovery of mainstream cryptocurrencies like BTC and ETH.
Tariff War Postponed, Market Panic Significantly Eased
[Rest of the text continues in the same professional translation style]
ETH Becomes New Hoarding Target for Listed Companies
On July 9, BTCS Inc. (Nasdaq: BTCS), a company focused on blockchain technology, announced an increase in its financing target to $225 million to accelerate its Ethereum hoarding strategy.
According to OnchainLens monitoring, Sharplink Gaming recently added 5,072 ETH, worth approximately $13.51 million at current prices. The company currently holds over 210,700 ETH, with a total value exceeding $585 million.
On July 2, Nasdaq-listed Bit Digital stated that due to underwriters exercising the over-allotment option, they purchased an additional 11.25 million shares from last week's public offering, raising an extra $21.4 million to support its Ethereum reserve plan. After fully exercising the over-allotment option, the total issuance increased to 86.25 million shares, with net proceeds of approximately $162.9 million. Bit Digital will use these funds to purchase Ethereum and gradually exit Bitcoin mining operations. In June, the company announced plans to phase out Bitcoin mining and focus on the Ethereum sector.
Data Indicators Highlight ETH Entering Whale Accumulation Phase
Glassnode data shows that whales holding at least 10,000 ETH are accelerating their accumulation, even faster than the 95% ETH price increase in mid-2022.
As of this Monday, the total ETH held by these whales has increased from the historical low of 37.56 million in October 2024 to 41.06 million, a 9.31% increase. This growth rate is almost twice that of May to September 2022 (when ETH price rose from about $1,000 to $1,950). A similar situation occurred from November 2020 to January 2021, when whale holdings increased by 4% and ETH price surged from $460 to $1,220.
Historically, whales often begin accumulating before the market fully takes off. Glassnode data shows that the $2,500-2,536 range is the strongest accumulation area recently, with over 3.45 million ETH concentrated at this cost basis, forming a key support level.
Meanwhile, traditional financial institutions are expanding the mainstream adoption of crypto through methods like credit card points.
Japanese Financial Institution SBI Allows Users to Exchange Credit Card Points for BTC, ETH, and XRP
Recently, Japanese financial institution SBI allows users to exchange APLUS credit card points for BTC, ETH, and XRP, meaning Japanese credit card users can now convert loyalty points to cryptocurrencies through SBI VC Trade and APLUS. It is understood that 2,100 points can be exchanged for cryptocurrencies worth over 2,000 yen.
This move is a landmark event for crypto payment entering everyday life after "stablecoin payment".
BTC ETF and ETH ETF Continue Net Inflows
According to Lookonchain monitoring, yesterday 10 Bitcoin ETFs had net inflows of 718 BTC (about $78.23 million), with iShares inflow of 613 BTC, currently holding 700,920 BTC (about $76.33 billion). 9 Ethereum ETFs had net inflows of 11,803 ETH (about $31.25 million), with iShares inflow of 9,684 ETH, currently holding 1,836,453 ETH (about $4.86 billion).
Hong Kong Crypto Regulation Loosens, Potentially Ushering in a New Bull Market
Hong Kong's crypto regulatory policy is gradually opening up, injecting new vitality into the cryptocurrency market.
On one hand, the "Stablecoin Regulatory Draft" is poised to launch, bringing new opportunities for stablecoin concept stocks and crypto companies. On the other hand, multiple local Hong Kong brokers have obtained crypto trading compliance licenses, facilitating further capital inflow into the crypto market.
According to sources, several local Hong Kong brokers (such as Victory Securities and AIFX) have completed Tier 1 license upgrades, and CICC is not the only Chinese broker applying for such a license. More institutions may enter compliant crypto trading services in the future. The business conducted by these brokers is "distribution" type trading services, not a self-operated exchange model, mainly providing compliant trading channels for mainstream cryptocurrencies like BTC and ETH through omnibus accounts, without involving high-risk altcoins. Currently, these brokers' compliance requirements for customer due diligence, appropriateness management, and investor education are basically consistent with CICC, and all prohibit mainland Chinese residents from participating.
Market Representative Views: $115,000 as BTC Acceleration Signal, Crypto Concept Stocks May Lead Altcoin Season
Currently, with BTC price breaking new highs, market views are mainly bullish, but there are still some differences about when the altcoin season will arrive.
Trader Eugene: BTC Breaking $115,000 Will Confirm Acceleration Signal
Trader Eugene stated that Bitcoin has not yet completely left the risk zone, and the true acceleration signal requires a direct breakthrough of $115,000 with high trading volume.
DWF Partner: Bitcoin and Crypto-related Stocks May Create New Highs, Some Altcoins Will Follow
DWF Labs Executive Partner Andrei Grachev stated that factors like the "Big and Beautiful Act" approval, Q4 seasonal market activity, and potential interest rate cuts will drive Bitcoin and crypto-related stocks to new highs. The altcoin market may partially follow, but most mid-tier coins are expected to underperform Bitcoin.
Analyst: Altcoin and Institutional Bitcoin Hot Money Flowing to Bitcoin Treasury Companies and Crypto-related Stocks
Analyst Scott Melker stated last month that "currently, altcoin and institutional Bitcoin hot money are flowing into Bitcoin treasury strategy companies and crypto-related stocks. In the future, this money may flow into Wall Street tokenization plans."
Bloomberg Analyst: US SEC May Approve Multiple Altcoin ETFs in Second Half of 2025
Earlier this month, Bloomberg ETF analyst James Seyffart predicted the approval probability of crypto spot ETFs by the end of 2025, suggesting that a new wave of ETF approvals will come in the second half of 2025. LTC, SOL, and XRP have a 95% approval probability, while DOGE, HBAR, Cardano, Polkadot, and Avalanche are expected to have a 90% chance. SUI has a 60% expected approval, and Tron/TRX and Pengu have a 50% chance.
