【Is the Altcoin Season Coming? A Review of the Strong Coins that Outperformed $ETH in the Past Month】 $ENA $LDO $PENGU $MNT $CRV $CRO $ZORA $REKT $CFX $KTA $SAROS $AERO TL;DR - In the past month, only 12 coins among the top 200 by market cap have outperformed ETH, indicating that it is not a widespread rally. - The strong performers are concentrated in DeFi and the Base ecosystem, mostly driven by events or mechanism reforms. - There is a clear centralization of funds, with a lack of liquidity spillover, and traditional altcoin season characteristics have not yet appeared. ------ In the past month, Ethereum has risen over 45%, breaking through $4300, outperforming Bitcoin by 3.5%. The significant increase in Ether can mainly be attributed to institutional buying frenzy. Currently, DAT company holds over 300,000 ETH (valued at approximately $13B), with a growth rate exceeding 126% in the past month. The largest holding is $BMNR, and the chairman @fundstrat has even set a target price of $17,000 for $ETH. Ethereum's price increase is driven by continuous institutional accumulation, which logically differs from past altcoins that enjoyed ETH's liquidity premium, as the funds from institutional buying have not spilled over to other altcoins. Statistics from the past month show that among the top 200 cryptocurrencies by market cap, only 12 coins have outperformed ETH, and a widespread rally has not occurred. The rarity of coins outperforming ETH makes them more valuable for research and potential alpha generation. Which coins are stronger than ETH? What is the underlying buying power behind them? It can be observed that strong altcoins are mostly centered around DeFi and @base. High Certainty in DeFi: Among the 12 coins that outperformed ETH, 5 belong to the DeFi sector (ENA, LDO, CRV, SAROS, AERO), and most have clear fundamental support and innovative mechanisms: - ENA: Collaborating with @aave and receiving backing from DAT, enhancing both funding and protocol aspects. - LDO: Dynamic buyback plans and regulatory easing boost market confidence. - CRV: Decreasing inflation rate alleviates supply pressure. - SAROS, AERO: Benefit from increased on-chain trading activity. These projects share a commonality of having clear business models, capturing better value compared to other projects as on-chain activity increases. The Rise of the Base Ecosystem Recently, Coinbase CEO @brian_armstrong announced that @coinbase will become a "Universal Exchange," planning to move all assets, including stocks, derivatives, and prediction markets, to blockchain trading, which directly activates the overall activity of the Base ecosystem. Since the Base blockchain currently has no official token, funds are concentrated on projects closely related to Base's official initiatives: - ZORA: Frequently promoted by Base officials and designated as the center of the Base ecosystem. - AERO: The largest Dex in the Base ecosystem, capturing ecosystem trading flow. - KTA: Focused on high-speed compliant payments, aligning with Coinbase's international expansion and compliance strategy. This wave of outperforming ETH is not widely spread but is highly concentrated on specific events and sectors, particularly the Base ecosystem and specific mechanism reforms in DeFi projects. Rather than expecting a traditional "altcoin season," it is better to focus on event-driven dynamics and fund flows, targeting assets with external resources, policy endorsements, or ecosystem support.