- Glassnode confirms Altseason Indicator triggered on July 9, showing stablecoin supply growth and capital rotation into BTC, ETH, and altcoins.
- Swissblock data shows Bitcoin dominance breaking lower, signaling early market rotation toward Ethereum and alternative cryptocurrencies.
- Ethereum’s rising strength positions it as a lead asset in the ongoing capital shift across the crypto market, setting the altcoin tone.
Glassnode’s Altseason Indicator has triggered, marking a critical shift in the crypto market structure. On July 9, early signs of capital rotation emerged, with stablecoin expansion and a simultaneous rise in altcoin market capitalization.
Altseason Indicator Activates Amid Expanding Stablecoin Supply
Glassnode reported on July 9 that its proprietary Altseason Indicator was activated. The signal reflects expanding stablecoin supplies, combined with renewed capital inflows into Bitcoin and Ethereum. This alignment typically forms a structural base that supports broad altcoin movement.
The indicator suggests a balanced environment where capital flows across major assets and into the broader altcoin space. Historically, this setup often precedes market cycles where alternative cryptocurrencies experience accelerated growth.
The conditions now reflect previous periods that sparked altcoin rallies, though there is caution around sustainability without stronger project narratives. Glassnode’s data implies a foundation is being laid for a potential full-cycle altseason.
Bitcoin Dominance Weakens as Capital Shifts Begin
According to Swissblock, Bitcoin dominance has held strong since December 2024 but is now starting to decline. This shift resembles previous transitional phases observed before altcoin rallies. A structural breakdown in Bitcoin dominance is often the precursor to wider market rotation.
The analysis shows a drop below a symbolic threshold, paired with signs of strength in Ethereum and other assets. Swissblock marks this phase as one where Bitcoin season is gradually losing strength. As dominance erodes, alternative digital assets start attracting inflows.
This weakening phase often accompanies a redistribution of capital from Bitcoin to other high-potential crypto assets. The transitional trend, as noted by Swissblock, is mirroring historical market behavior observed before previous altseason bursts.
Ethereum’s Position as a Market Bridge Strengthens
Ethereum is currently positioned as the bridge for capital rotation, according to Swissblock. As Bitcoin dominance drops, Ethereum tends to attract early capital flows. These movements often set the tone for the broader altcoin landscape.
The role of Ethereum during transitional periods has remained consistent in past market cycles. Its strength often precedes wider altcoin momentum, serving as a signal for potential incoming market activity.
Glassnode and Swissblock both emphasize Ethereum’s leadership during the early phases of altcoin capital rotation, further reinforcing the developing altseason narrative.
