Bitcoin dominance is falling off a cliff as liquidity rotates from the largest cryptocurrency into altcoins, a pattern several prominent market voices are now calling an altseason. Galaxy Digital founder Mike Novogratz declared the "season of Solana" is here, pointing to the network processing roughly 14 billion transactions per day — more volume than equities, fixed income, commodities, and foreign exchange combined.
Why it matters
The macro backdrop is unusually constructive. The S&P 500 just closed at a fresh all-time high while posting its first nine-week winning streak in three years, gaining nearly 16% across April and May — its third best two-month run this century. Chicago PMI printed well above expectations, implying an ISM reading above 55, which historically lifts risk assets. Anthony Pompliano framed the setup bluntly: the best day to buy stocks is at all-time-high prices, and the same momentum logic applies to Bitcoin if it continues to track growth and risk appetite.
There is also a regulatory tailwind. Representative Tom Emmer warned that without the Clarity Act, crypto leaves America — pushing for a market structure bill that defines CFTC, SEC, FDIC, and Treasury jurisdiction. French Hill compared passing a stablecoin bill without the clarity bill to "having a cell phone without the towers," making June a hard deadline if the legislation is to land before midterms. Geopolitically, the US and Iran are reportedly closer to a deal, another macro positive for risk.
Market impact
Ethereum is the consensus institutional pick. Tom Lee is projecting $7,000–$9,000 in the near term, with a longer-term $20,000 target as tokenization and payment-rail use cases scale. Former BlackRock executive Joseph Lubin, now running an Ethereum treasury company, pushed back on the "Ethereum is dying" narrative: over 50% of stablecoin value globally settles on Ethereum, and the chain is on track to host roughly 70% of all tokenized assets once announced projects go live. He framed Ethereum as having "the license to win" in trust, liquidity, and security — the three properties that actually matter for institutional adoption. A miner quoted in the segment also noted that his company plans to buy essentially all Bitcoin produced between now and 2140, underscoring persistent institutional accumulation at the top of the market cap.
Frequently asked questions
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What did Mike Novogratz mean by the "season of Solana"?
Novogratz argued Solana is now processing roughly 14 billion transactions per day — more than equities, fixed income, commodities, and FX combined — making it tailor-made for financial-market infrastructure at a moment when the SEC chair is publicly inviting onchain buildout.
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Why is the S&P 500's 9-week win streak relevant for crypto?
The S&P 500 just posted its first nine-week winning streak in three years, gaining nearly 16% across April and May — its third best two-month run this century. Anthony Pompliano argued the same momentum logic that makes ATH a buying opportunity in stocks applies to Bitcoin when it tracks growth and risk appetite.
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What is the Clarity Act and why does June matter?
The Clarity Act is the pending US market-structure bill defining which agency — CFTC, SEC, FDIC, or Treasury — oversees each piece of crypto. Rep. Tom Emmer and French Hill are pushing for a June vote, warning that the legislative window closes after midterms and that without clarity, builders will relocate offshore.
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What is Tom Lee's price target for Ethereum?
Tom Lee is projecting Ethereum at $7,000–$9,000 in the near term and $20,000 over the longer term, citing tokenization, payment-rail use cases, and Wall Street's stated intent to put assets onchain via Robinhood, BlackRock, and other TradFi players.
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Why is Joseph Lubin bullish on Ethereum despite the price action?
Lubin, the former BlackRock executive now running an Ethereum treasury company, argued Ethereum already settles over 50% of global stablecoin value and is on track to host roughly 70% of all tokenized assets. He framed the chain as having "the license to win" in trust, liquidity, and security — the three properties…
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