According to TechFlame, on July 24, Ryan Lee, chief analyst at the Bitget Research Institute, said that Bitcoin's dominance recently fell back to the 59%-61% range, while the copycat index showed an upward trend, indicating that capital is rotating towards mainstream altcoins such as Ethereum, XRP, and Solana, and related assets have recently risen by 20%-40%.

Ryan Lee pointed out, “The active performance of sectors such as AI and RWA, as well as Memecoin, also shows that the market is strongly concerned about specific narratives. However, the copycat season index has not yet broken the 75% confirmation threshold, and the current market is more likely to rotate in stages rather than a fully launched copycat season. If the market is to continue until the middle to the second half of the third quarter, the key is whether Bitcoin's market share can continue to fall below 60%. Meanwhile, institutional capital inflows, favorable regulations, and improvements in fundamentals in the Layer 1 and DeFi sectors are all important signs confirming the start of the copycat season.