The Asian market is leading Ethereum's (ETH) weekend rebound, with signals of the initiation of altseason becoming more concrete. The activation of DeFi and enterprise treasury adoption of Ethereum are also serving as upward momentum.
Ethereum recently rose nearly 3% in a day, breaking through $3,800. This represents a nearly 55% increase over the past month, showing that investor confidence is maintained despite still low gas fees. Particularly, the prominent rise during Asian trading hours reflects active buying from investors in that region.
According to the latest data released by Matrixport, the influence of the Asian market has become more distinct and was a key factor in the weekend surge. After the passage of the 'GENIUS Act' that clarified stablecoin regulations, analysis suggests increasing ETH demand within corporate treasuries. Additionally, the increase in DeFi trading volume is driving Ethereum's rise, with the possibility of maintaining continuous momentum growing.
QCP Capital revealed that ETH-related Perpetual Open Interest contracts surged from $18 billion to $28 billion in just one week. This indicates that institutional investors are returning as major buyers, interpreted as a strategy to expand altcoin proportions.
Market experts also cannot ignore the expectations for Ethereum spot ETF release. In this trend, ETH market share rose to 11.6%, and as Bitcoin's (BTC) market dominance slows, the possibility of entering the next stage of altcoin season is being raised.
Swissblock recently stated that 75% of altcoins have reached major resistance lines. This means standing at a critical point for a strong altcoin market. Generally, in a weak altcoin market, Bitcoin's dominance continues, and altcoin rises are short-lived. In contrast, in a strong altcoin market, fund inflows spread widely, Bitcoin's share rapidly declines, and altcoins across the board rise.
The market is currently showing signs of the latter scenario. Analysis suggests Bitcoin's upward momentum is decreasing, and initial traces of funds moving to altcoins are being detected. If this trend accelerates, a full-scale altcoin market rally could unfold in the coming weeks.
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