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Why are altcoins rising against the trend after the CPI surge? Funds are quietly rotating 1. Macro suppression, but crypto hasn't collapsed ① Core CPI monthly rate +0.3% exceeded expectations, with a 90% probability of a rate hike in September. ② US Treasury yields near 5%, oil prices break $100, traditional financial pressures intensify across the board. ③ However, after the data release, ETH quickly rebounded above 2600, with leaders like SOL and ZEC following suit, indicating funds have not withdrawn. 2. Rotation signal: Altcoin open interest surpasses BTC for the first time ① Since December 2024, altcoin open interest in futures contracts has exceeded Bitcoin for the first time. ② BTC market share continues to decline, with funds flowing out of BTC into a broader altcoin space. ③ Historical data shows that within 30 days after core CPI exceeds expectations, Bitcoin averages a 2.13% increase. 3. But the altcoin season still lacks momentum ① The altcoin season index is only 37, far below the 75 confirmation threshold. ② Funds remain concentrated in top ETF products, rotation path: BTC → ETH → large-cap altcoins → mid and small-cap altcoins. ③ Rapid leverage accumulation is a double-edged sword; if spot demand cannot absorb it, it may trigger large-scale liquidations. In short: Funds are rotating, altcoin season is just "a crack opening" — watch the leaders closely and beware of leverage. $BTC $ETH