As the spot Bitcoin ETF frenzy in the United States settles, investors were observed taking refuge in the stablecoins market amid short-term uncertainties. Notably, the latest report by CoinShares shows that digital assets investment products saw significant outflows from a global perspective, totaling about $500 million last week.
Interestingly, while Bitcoin and Ethereum’s investment products recorded an outflow, Solana-based products remained a favorite among investors, with an inflow of $3 million last week, thus signaling heightened demand for medium and small-capped altcoins.
Ultimate Altseason Signal
Amid the heightened demand for low-cap altcoins with higher chances of rising soon, crypto analysts have unanimously concluded that the altseason will be signaled by the bullish breakout of the ETH/BTC pair from a multi-week falling trend. Having found a solid support level around 0.051 and the recent rally towards 0.061, crypto traders should consider a rally toward 0.071 as a signal of the much-anticipated altseason.
Critical Targets for the Altcoin Market Cap
According to a popular crypto analyst, Michaël van de Poppe, based in Amsterdam, Netherlands, the altcoin market cap could easily double in value in the coming four months. Notably, the crypto analyst has set the first target for the altcoin market cap at around $1.03 trillion and the second at about $1.25 trillion. In a worst-case scenario, Poppe expects the support level of around $675 billion to hold strongly.