BTC reaches a new high of $112,000, ETH leads with a 7% rise, is the dawn of alt season beginning to show?

Original ｜Odaily Daily Report (@OdailyChina)

Author｜Wenser（**@wenser 2010 ）

After waking up, BTC has once again reached a new high!

Early this morning around 4 AM, the price of BTC surged to reach 112,000 USD, setting a new historical high, with the current price reported at around 111,240 USD; ETH also reversed its downward trend, with the price breaking through 2,700 USD, currently reported at 2,782 USD, a 24-hour increase of nearly 7%; SOL has also rebounded to close to 160 USD, with the current price reported at 158 USD, a 24-hour increase of over 4%.

The arrival of this new high market has forced the market to ask that old question again: When will the altcoin season arrive? Odaily will summarize the driving factors behind the recent rise and representative market opinions in this article.

The macro environment stabilizes, and the effectiveness of Trump’s tariff war diminishes

On a macro level, with the ceasefire between Israel and Palestine and the phased end of Trump’s tariff war, the cryptocurrency market and even the global economic environment are in a stabilizing phase, which provides some support for the price recovery of mainstream cryptocurrencies like BTC and ETH.

The tariff war has been postponed, and market panic has significantly eased.

On July 9, U.S. President Trump released letters concerning tariff increases to the leaders of 8 countries on the social media platform Truth Social, including: Brazil, the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka. Among them, Trump stated that a 50% tariff would be imposed on Brazil, while Libya, Iraq, Algeria, and Sri Lanka would face a 30% tariff, Brunei and Moldova would have a tax rate of 25%, and the Philippines would have a tax rate of 20%. The new tax rates will take effect on August 1. Trump has sent tariff letters to 22 countries.

Institutional View: The market has not panicked over Trump’s tariffs.

Analysts at Jyske Markets believe that ahead of the July 9 deadline for U.S. tariff negotiations, the market is showing some nervousness, but there is no panic. Jyske stated that investors adopted a somewhat wait-and-see attitude starting Monday this week. Trump indicated that the tariff letter would be sent out as early as Monday, notifying countries of new tariffs, while the U.S. Secretary of Commerce stated that the tariffs would not take effect until August 1. “Despite some nervousness today, the market’s reaction to the tariff situation seems to be much more relaxed, so a repeat of the panic situation seen after Liberation Day on April 25 is not expected.”

Institutional View: Trump’s delay in tariff increase leads to postponed impact.

UBS Chief Economist Paul Donovan stated that Trump delaying the tariff increase until August 1 could mean that the impact of these new tariffs on prices may not be fully felt before Christmas, but rather pushed back to 2026. He noted, “Considering that retailers typically stock up for Christmas in advance, and that goods need to go through the entire supply chain process from production to shelves, even if tariffs are implemented now, the point at which consumers truly feel the price increases may be later. This undoubtedly alleviates some impact for American consumers in the second half of the year.” Avoiding the cost pressures brought on by tariffs during the year-end shopping season benefits the White House by preventing negative news.

In other words, just like the story of the wolf coming, when a story is spread multiple times, its deterrent effect will naturally diminish. The panic impact of the tariff war on the cryptocurrency market and even the global economy has significantly decreased.

At the same time, the successful passage of the “Big and Beautiful” bill may further compel the Federal Reserve to push for interest rate cuts sooner to alleviate the declining economic indicator data.

After the first stock of stablecoins, the listed company’s coin hoarding plan is accelerating.

On the other hand, unlike the previous market environment, since the successful listing of “the first stablecoin stock” Circle, which achieved a tenfold increase, the traditional financial market’s acceptance of cryptocurrencies and expectations for market capitalization have been significantly raised, further accelerating the coin hoarding plans of listed companies. In addition to established BTC hoarding companies like Strategy, more and more listed companies are shifting their coin hoarding targets to altcoins such as ETH, SOL, and even HYPE. The emergence of securities tokenization platforms like xStocks and MyStonks has also provided many bridges for the deep coupling of traditional financial markets and cryptocurrency markets, and the liquidity of funds between TradFi and DeFi ecosystems is expected to usher in another wave of integration.

Last week, the total net inflow of BTC allocations by global listed companies was 275 million USD.

According to SoSoValue data, as of July 7, 2025, Eastern Time, the total net inflow of Bitcoin allocated by global publicly listed companies (excluding mining companies) in the last week was $275 million.

• Strategy (formerly MicroStrategy) did not purchase Bitcoin last week, after increasing its holdings for 13 consecutive weeks.
• The Japanese publicly listed company Metaplanet continued to make large purchases last week, accumulating an investment of $238.7 million, increasing its holdings by 2,205 BTC at a price of $108,237 each, bringing its total holdings to 15,555 BTC; the weekly purchase amount has been continuously expanding recently.
• The UK digital advertising company The Smarter Web and the French Web3 service company Blockchain Group also made large purchases last week. The Smarter Web invested $23.9 million to increase its holdings by 230.05 bitcoins at a price of $103,895, bringing its total holdings to 773.58 bitcoins; Blockchain Group invested $12.33 million to increase its holdings by 116 BTC at a price of $106,294, bringing its total holdings to 1,904 BTC.
• In addition, on July 1, the US stock dining company DayDayCook (US stock code: DDC) announced the completion of its first round of financing, raising 53 million USD. The remaining amount of the current financing plan is 475 million USD (including a convertible bond financing amount of 275 million USD and an equity financing amount of 200 million USD). The company plans to use the net proceeds from this issuance to purchase Bitcoin.
• As of July 7, the total amount of Bitcoin held by publicly listed companies globally (excluding mining companies) is 666,220 BTC, with a current market value of approximately $7.23 billion, accounting for 3.35% of the circulating market value of Bitcoin.

In addition, the list of publicly traded companies’ BTC reserve plans continues to grow this week.

Genius Group, a publicly listed company on the New York Stock Exchange, announced that it has increased its original target of 1,000 BTC in Bitcoin treasury reserves by tenfold, planning to achieve a purchase plan of 10,000 BTC within 12 to 24 months. Genius Group also stated that the company has achieved a 74% BTC yield from May 22, 2025, to July 4, 2025.

BitcoinTreasuries.NET reported that the Australian listed company DigitalX will acquire BTC worth 20.7 million USD, which will elevate the company to the 50th position in the BTC TOP 100 ranking.

Japanese listed company Remixpoint announced that it has raised approximately 31.5 billion yen (about 215 million USD) through financing and plans to use all the funds to purchase Bitcoin. Currently, the company holds 1,051 BTC, and its recent goal is to increase its holdings to 3,000 BTC. The company stated that this move is based on a strong belief in the future of Bitcoin and the result of long internal discussions.

According to the official announcement, the Swedish H100 Group has raised an additional 516 million Swedish Krona (approximately 54 million USD) through the execution of the sixth and seventh financing rounds (previously announced on June 16, 2025). The funds will be used to advance investment opportunities within the Bitcoin reserve strategic framework. To date, the group’s total financing amount has reached 921 million Swedish Krona (96 million USD), significantly increasing from the previous 405 million Swedish Krona (42 million USD) scale.

ETH becomes a new target for listed companies to stockpile coins

On July 9, BTCS Inc. (NASDAQ: BTCS), a company focused on blockchain technology, announced that it has raised its funding target to $225 million to accelerate the company’s accumulation strategy on Ethereum.

According to OnchainLens monitoring, Sharplink Gaming has recently increased its holdings by 5,072 ETH, worth approximately $13.51 million at the current price. The company currently holds over 210,700 ETH, with a total value exceeding $585 million.

On July 2, Nasdaq-listed company Bit Digital announced that, due to the underwriter exercising the over-allotment option, it purchased an additional 11.25 million shares from last week’s public offering, thereby raising an additional $21.4 million to support its Ethereum reserve plan. After the full exercise of the over-allotment option, the total issuance scale of this transaction increased to 86.25 million shares, with a net fundraising amount of approximately $162.9 million. Bit Digital will use these funds to purchase Ethereum and promote a strategic transformation, gradually exiting the Bitcoin mining business. In June of this year, this company, which is involved in both mining and staking, announced that it would gradually shut down its Bitcoin mining business and instead focus on the Ethereum sector.

For more potential benefits of ETH, please refer to the article “Five Major Bullish Logics Becoming Clear, ETH May Welcome Structural Reversal.”

Data indicators highlight that ETH has entered a whale accumulation phase.

Glassnode data shows that whales holding at least 10,000 ETH are accelerating their accumulation, with the pace even surpassing the levels seen before the 95% rise in ETH in mid-2022.

As of this Monday, the total amount of ETH held by these whales has rebounded from the historical low of 37.56 million coins in October 2024 to 41.06 million coins, an increase of 9.31%. This growth rate is nearly double that of the period from May to September 2022 (when the price of ETH rose from around $1,000 to $1,950). A similar situation occurred from November 2020 to January 2021, when whale holdings increased by 4%, and the price of ETH soared from $460 to $1,220.

History shows that whales often start accumulating before a full market launch. Glassnode data indicates that the $2500-$2536 range is the strongest accumulation zone recently, with over 3.45 million ETH concentrated at this cost price, forming a key support level.

At the same time, traditional financial institutions have also leveraged credit card points and other means to expand the process of mainstreaming cryptocurrency.

Japanese financial institution SBI allows users to exchange credit card points for BTC, ETH, and XRP

Recently, Japanese financial institution SBI has allowed users to exchange APLUS credit card points for BTC, ETH, and XRP, meaning that Japanese credit card users can now convert loyalty points into cryptocurrency through SBI VC Trade and APLUS. It is understood that 2,100 points can be exchanged for cryptocurrency worth over 2,000 Japanese yen.

This move can be regarded as another landmark event in the realm of cryptocurrency payments, following “stablecoin payments,” making its way into the lives of ordinary people.

BTC ETF, ETH ETF continue to see net inflows

According to Lookonchain monitoring, yesterday 10 Bitcoin ETFs had a net inflow of 718 BTC (approximately $78.23 million), of which iShares (BlackRock) had an inflow of 613 BTC, currently holding 700,920 BTC (approximately $76.33 billion). 9 Ethereum ETFs had a net inflow of 11,803 ETH (approximately $31.25 million), with iShares having an inflow of 9,684 ETH, currently holding 1,836,453 ETH (approximately $4.86 billion).

Hong Kong’s cryptocurrency regulatory policies are relaxed, which may usher in a new round of bull market development.

The cryptocurrency regulatory policies in Hong Kong are also gradually being relaxed, injecting new vitality into the development of the cryptocurrency market.

On one hand, the “Stablecoin Regulatory Draft” is poised for action, and many stablecoin concept stocks and cryptocurrency companies will usher in a new round of opportunities; on the other hand, several local Hong Kong brokerages have obtained compliance licenses for crypto trading, facilitating further capital inflow into the crypto market.

According to sources, several local brokerages in Hong Kong (such as Victory Securities, Ade Securities, etc.) have completed the upgrade of license No. 1, and Guotai Junan International is not the only Chinese-funded brokerage applying for such a license. More institutions may enter the compliant cryptocurrency trading services in the future. The business conducted by the aforementioned brokerages is of a “distribution” nature, not a proprietary exchange model, mainly providing compliant trading channels for mainstream currencies such as BTC and ETH by establishing omnibus accounts at licensed exchanges, without involving high-risk altcoins. Currently, these brokerages’ compliance requirements for client due diligence, suitability management, and investor education are basically consistent with those of Guotai Junan International, and participation from residents of mainland China is prohibited.

Overview of Market Representative Opinions: $115,000 as a BTC Acceleration Signal, Crypto Concept Stocks May Lead Altcoin Season

Currently, as the price of BTC breaks new highs, the prevailing market sentiment regarding future trends is mostly bullish, but there are still some differences of opinion on whether the altcoin season can arrive soon.

Trader Eugene: BTC breaking $115,000 will confirm an acceleration signal.

Trader Eugene posted that Bitcoin has not yet fully exited the risk zone; a real acceleration signal requires waiting for the price to directly break through $115,000 with high trading volume.

DWF Partners: Bitcoin and crypto-related stocks may hit new highs, and some altcoins will follow suit.

DWF Labs executive partner Andrei Grachev stated in a post that the approval of the “Big and Beautiful Bill,” the seasonal market activity in the fourth quarter, and potential interest rate cuts will drive Bitcoin and crypto-related stocks to new highs. The altcoin market may partially follow the rise, but most mid-cap coins are expected to underperform Bitcoin, presenting opportunities once again.

Analyst: Altcoins and institutional Bitcoin hot money are flowing towards Bitcoin treasury companies and crypto-related stocks.

Analyst Scott Melker stated last month, “Currently, the hot money from altcoins and institutional Bitcoin is flowing into Bitcoin treasury strategy companies and crypto-related stocks. In the future, this money may flow into Wall Street’s tokenization plans.”

Bloomberg analyst: The US SEC may approve multiple altcoin ETFs in the second half of 2025.

At the beginning of this month, Bloomberg ETF analyst James Seyffart released a prediction on the approval probability of a cryptocurrency spot ETF by the end of 2025, indicating that a new wave of ETF approvals will arrive in the second half of 2025. Among them, LTC, SOL, and XRP have an approval probability of 95%, while DOGE, HBAR, Cardano, Polkadot, and Avalanche are expected to have a 90% approval probability. SUI is expected to have a 60% approval probability, and Tron/TRX and Pengu are expected to have a 50% approval probability.