The crypto market saw multiple zones rotating and rising, with alts performing brightly.

In the past week, the cryptocurrency market has shown a blossoming situation. While the price of Bitcoin fluctuates, funds are quietly flowing into various alts, from mainstream projects to niche tracks, with multiple zones experiencing unexpectedly high rises. Data shows that not only are star projects leading the rise, but more structural supplementary rises are spreading between zones.

Data platforms show that the search popularity for "Altcoin" has reached a five-year high, with "Ethereum" search volume hitting a two-year peak. At the same time, the total market value of cryptocurrencies worldwide has increased to $4 trillion, with the altcoin zone significantly outperforming Bitcoin. Ethereum has risen 79% in the past 90 days, while Bitcoin has only risen 14% during the same period. The Altcoin Season Index has risen from 29 a month ago to 40.

On the funding side, ETFs and corporate treasuries are changing the supply and demand structure. The Ethereum spot ETF recorded a net inflow of $2.3 billion in three days, equivalent to 500,000 ETH. Corporate treasuries are diversifying their allocations, with significant holdings and staking in Ethereum, Solana, and Chainlink for yield. The DeFi locked value (TVL) has returned to $96.9 billion, approaching the historical high of 2021.

In this structural rotation, the rise of PENGU, SPX, and AERO is the most prominent, representing three main lines of the current altcoin market: Meme narrative, technical pattern trading, and platform entry dividends.

PENGU has gained legitimacy in the financial sector. A capital company submitted an ETF application that includes PENGU spot, planning to allocate over 80% of funds to the token itself, while the remaining portion holds related NFTs. This is the first time NFT IP has been packaged with encryption tokens into an ETF product. The ETF narrative directly enhances PENGU's visibility among institutional investors.

SPX uses "mimicking the S&P 500 index" as its IP, forming a classic "cup and handle" pattern on the daily chart. The SPX community is highly active, with extremely efficient capital rotation, and holders swiftly leverage their profits to enter new presale projects, creating high-frequency capital transmission and interception.

AERO, as a core decentralized exchange token on a certain chain (DEX), has been integrated into a trading platform app, allowing one-click buying and selling without redirection. This enables millions of trading users to directly access the liquidity pool on that chain. Within a week, AERO's trading volume surpassed a six-month high, with a price rise of over 43%.

Other zones have also shown structural market samples, with funds gradually penetrating into more zones:

1. L2/Scalability Zone: Representative projects include MNT(+49.06%), ARB(+30.52%), benefiting from the resurgence of activity in the Ethereum ecosystem and the increase in on-chain transaction volume.

2. DeFi protocol zone: certain DEX ( +76.37% ) continues to firmly occupy the core position of decentralized liquidity. FORM ( +35% ) reduces the complexity of retail operations relying on "portfolio strategy management", while PENDLE ( +34.89% )'s "yield splitting" product bridges the gap between fixed income and derivatives.

3. Infrastructure zone: LINK(+40.46%), KAIA(+31.93%), XDC(+20.19%) respectively represent the "oracle", "cross-chain infrastructure" and "enterprise chain" these three types of demand.

4. Platform coin zone: OKB( +72.98%), CRO( +52.95%), BNB( +29.12%) and other platform coins' strong performance is benefiting from the recovery in trading volume driving the growth of platform revenue, and also benefiting from the long-term expectations of the buyback and destruction mechanism.

5. Payment chain zone: BCH(+48.27%), XLM(+44.49%), TRX(+31.18%) are experiencing a revival in the cross-border payment and stablecoin transfer scenarios.

The current rotation market makes the entire market resemble a multi-level chess game: the main tracks continue to attract attention, but other squares on the board are also quietly lighting up. Whether it's the long-term stable infrastructure or the short-term explosive concept coins, they all provide options for funds with different risk preferences.

Next, the differentiation in the market may become more pronounced. Some assets will continue to rise thanks to narratives, funding, and fundamentals, while others will quickly retreat when there is a lack of sustained momentum. For investors, the real challenge is not finding coins that are rising, but rather determining how much longer they can rise and when to exit.