Altcoin Season May Be Starting in August as Ethereum Leads the Charge

Bitcoin recently broke the $120,000 mark, but its momentum has started to fade. Meanwhile, altcoins are rising fast, with prices and trading volumes surging across the board. According to CryptoQuant data, a full-fledged altcoin season may be upon us — and it might not look like what most expected.

Ethereum is at the heart of this rally, following a massive $1.3 billion investment by SharpLink, which now holds 438,190 ETH. Ethereum has jumped 170% from its lows and sits just 23% below its all-time high of $4,871, lifting the entire altcoin market along with it.

Futures trading has also seen a major shift. Ethereum and altcoin futures have hit $223.6 billion in volume — the highest in five months. That gives them an 83% share of the market, with Bitcoin trailing at just 17%.

Bitcoin’s retail demand is also falling. CryptoQuant notes a 9.7% rise in BTC transactions under $10,000, a pattern typically seen before altcoin seasons in the past.

Lastly, Bitcoin dominance has fallen nearly 7%, while the majority of Binance futures pairs remain in positive territory — a sign that altcoins are gaining real strength. This may be the beginning of a quiet but explosive altcoin season.