On July 15, HTX Research analyst Chloe stated that BTC strongly broke through $122,850 intraday, triggering expectations of an "altcoin season", with funds spreading to high-beta assets such as ETH, SOL, and DeFi. The options market shows rising bullish demand, with put-call skew rising to +5%, while implied volatility remains low, with significant expansion in trading volume and open interest.
On the macro front, Japan's 20/30-year government bond yields have risen to a 20-year high, potentially triggering global arbitrage structure adjustments; escalating trade friction between the US and Europe has reduced market expectations of a Fed rate cut in September to around 70%, with inflation and policy uncertainty remaining key variables.
Chloe believes that BTC's current rise is driven by safe-haven and "US dollar credit asset" logic, while structural factors support further fund rotation into the altcoin sector.
