Over the past two quarters, Tether's (USDT) market cap has expanded by over 66%, rising from ~$95B in late 2024 to ~$159.5B by mid-July 2025. This confirms a strong capital injection into the crypto space — reminiscent of early bull market cycles.
But where that capital flows tells the deeper story:
USDT.D is in a clean downtrend, showing that capital is actively rotating out of stables — a risk-on signal.
BTC.D continues climbing, confirming Bitcoin as the primary recipient of inflows. While the current move hasn’t reached exhaustion, the nearest potential reversal point is the weekly volume imbalance at ~67.5%.
Should that level fail to trigger a reaction, the next major reversal zone lies near 73% — the last known macro ceiling for dominance.
ETH.D has shown a structural shift, bouncing from a key macro low with a clear Change in State of Delivery (CSD). A revisit to the April high around 8.55% is looking increasingly likely.
SOL.D is fighting for structure, having reacted to a mid-point imbalance situated in the discount zone. This positioning is favorable for buyers, but structurally it still leans toward sweeping the April low at 2.13% before a valid CSD can form.
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🧠 Conclusion:
While capital is clearly flowing back into the market, Bitcoin remains the primary destination. Until we see:
A reaction or rejection at BTC.D reversal zones
ETH.D continuing upward toward prior range highs
And SOL.D confirming a structural shift from discount
...a full altseason expansion remains premature.
> The capital is here — but the rotation isn’t.
Altseason is still brewing — and could take the rest of the year to fully materialize.
— Silent Edge
But where that capital flows tells the deeper story:
USDT.D is in a clean downtrend, showing that capital is actively rotating out of stables — a risk-on signal.
BTC.D continues climbing, confirming Bitcoin as the primary recipient of inflows. While the current move hasn’t reached exhaustion, the nearest potential reversal point is the weekly volume imbalance at ~67.5%.
Should that level fail to trigger a reaction, the next major reversal zone lies near 73% — the last known macro ceiling for dominance.
ETH.D has shown a structural shift, bouncing from a key macro low with a clear Change in State of Delivery (CSD). A revisit to the April high around 8.55% is looking increasingly likely.
SOL.D is fighting for structure, having reacted to a mid-point imbalance situated in the discount zone. This positioning is favorable for buyers, but structurally it still leans toward sweeping the April low at 2.13% before a valid CSD can form.
---
🧠 Conclusion:
While capital is clearly flowing back into the market, Bitcoin remains the primary destination. Until we see:
A reaction or rejection at BTC.D reversal zones
ETH.D continuing upward toward prior range highs
And SOL.D confirming a structural shift from discount
...a full altseason expansion remains premature.
> The capital is here — but the rotation isn’t.
Altseason is still brewing — and could take the rest of the year to fully materialize.
— Silent Edge
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.