The ETH/BTC ratio broke above a descending channel in place since August 2025, climbing roughly 6% in July 2026 to around 0.029. Tom Lee of Fundstrat calls it a crypto rotation signal tied to stablecoin growth, tokenization, and the CLARITY Act. Bitcoin dominance at 60.66% and an Altcoin Season Index reading of 37 mean it isn’t confirmed alt season yet, but it’s the clearest technical signal in nearly a year.