Leading altcoins like Ethereum and Solana reacted to the US inflation data more strongly than Bitcoin, as highlighted by The Block.
According to the U.S. Bureau of Labor Statistics (BLS), inflation accelerated in June, with the consumer price index (CPI) rising to 2.7%.
BRN lead analyst Valentin Fournier noted:
"Inflation data confirmed market optimism. Inflows into ETFs continue, and altcoins are catching up with Bitcoin."
Bitcoin reacted modestly to the CPI news—its price rose only 2% over the past 24 hours, approaching $119,300. Meanwhile, Ethereum jumped 7.9% to $3,238 and Solana rose 5.4% to $167, according to CoinGecko.
Fournier emphasized that investors' risk appetite increased after the report was published. Capital began flowing into altcoins, as evidenced by inflows into Ethereum ETFs ($193 million) and investment products based on Solana ($3.3 million), respectively.
According to the analyst, the second-largest cryptocurrency, Ethereum, benefits not only from demand for exchange-traded funds but also from interest fueled by corporate players.
Public company SharpLink Gaming, which owns 280,706 ETH, became the largest public holder of Ethereum, surpassing the Ethereum Foundation. Over the past week, the firm has acquired more than 50,000 ETH worth over $73 million.
Nasdaq-listed miner BitMine Immersion also announced it had raised $67.3 million to buy Ethereum.
When is the altcoin season?
Ethereum is rising despite Bitcoin's lackluster performance, with capital actively flowing into altcoins. According to key indicators, investors are inspired by inflows into ETFs based on Ethereum and corporate purchases.
The altcoin index—the performance of 75% of coins within the top 50 cryptocurrencies by market capitalization—reached its highest level since February, signaling a clear trend change.
