Asia Is Powering Ethereum’s Weekend Gains Amidst Signals of Altseason Breakout
Main Idea
Ethereum's price surged above $3,800 amid strong institutional demand, Asian market influence, and anticipation of ETH ETF approvals, signaling a potential altcoin season.
Key Points
1. Ethereum's price rose nearly 3% daily, surpassing $3,800, driven by futures positioning and ETF inflows.
2. Asian markets are leading ETH adoption, with increased trading activity and institutional demand boosting perpetual open interest from under $18 billion to over $28 billion in a week.
3. The GENIUS Act's clearer stablecoin regulations has renewed corporate treasury interest in ETH and other Layer 1 blockchains.
4. Anticipation of staked spot ETH ETF approvals has pushed ETH's dominance to 11.6%, while Bitcoin's dominance declines, suggesting a potential altcoin season.
5. Swissblock data indicates that 75% of altcoin seasons either begin or fail, with Bitcoin's performance often determining the trend.
Description
Ethereum climbed above $3,800 after recording a daily gain of nearly 3%. It extended a strong upward trend that has seen the altcoin rise over 55% in the past month. This momentum highlighted continued investor confidence, despite relatively low gas fees across the network. Funding rates have moved into double digits, although they remain modest relative to the broader scale of futures positioning and Ethereum ETF inflows. Against this backdrop, Asia continues to lead altcoin performance in ETH....
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