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Opinion: The current market rebound is mainly driven by institutions, and the altcoin market still faces uncertainty
BlockBeats News, July 21st, Presto Research analyst Min Jung stated: "Supported by ongoing institutional demand (especially from cryptocurrency asset management companies), Bitcoin continues to hover near its all-time high. Given the nature of these buyers, they are unlikely to be aggressive sellers in the short term. That being said, we are starting to see profit-taking from long-term holders as the price breaks above previous highs, which could bring some short-term volatility."
Jung stated that Ethereum's price has also benefited from institutional investor support, with more and more publicly traded companies beginning to include ETH in their treasuries. Inflows into ETH spot ETFs recently hit an all-time high, with concurrent BTC ETF inflows also surpassing those of BTC ETFs. "The key question now is, after such a strong rally last week, whether this momentum can be sustained. However, the market is showing early signs of altcoin season, including a decline in Bitcoin's dominance amidst stable BTC prices and rising ETH prices."
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