As Bitcoin (BTC) trades above $81,000 and Ethereum (ETH) holds above $2,300, early signs of an altcoin season are starting to emerge. Among altcoins, Ripple (XRP) and Solana (SOL) are the only ones seeing positive ETF inflows, with spot XRP ETFs recording $3.87 million and SOL ETFs $3.28 million in net inflows as of May 4. While these numbers are dwarfed by the combined $600 million inflows into BTC and ETH ETFs, the fact that spot SOL ETFs now hold nearly 1.8% of SOL’s market capitalization is seen as a significant milestone.
Meanwhile, broader altcoin market data suggests a tentative shift. A select group of tokens — including Cardano (ADA), Toncoin (TON), Internet Computer (ICP), Sui (SUI), Ondo (ONDO), and Hyperliquid (HYPE) — opened the week with gains. On Binance, the proportion of altcoins trading above their 200-day moving averages has climbed from 2.3% in February to 11.7%, indicating easing selling pressure. Altcoin trading volume now makes up 49% of Binance’s spot activity, up from 31% two months ago, though Bitcoin dominance remains above 61%.
Analysts note that the two strongest green weekly candles and a bullish crossover on altcoin market charts could be the structural setup that precedes an altseason. However, the move is still in its infancy, with only a small fraction of altcoins performing strongly. The coming days will be crucial in determining whether this nascent rotation capitalizes on the ETF-driven interest in XRP and SOL and leads to a broader rally.
