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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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.