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Following
BTC 
ETH 
NEAR 
ONDO 
QNT 
SOL 
SUI The crypto market is green again, but it is not simply Bitcoin leading the rise.
The cryptocurrency market is once again showing an upward trend, but this is not another rebound led solely by Bitcoin. Bitcoin and Ethereum rose by about 1.5%-2.5% today, while multiple altcoins experienced more significant price fluctuations. SUI and NEAR rose by about 20%, ONDO soared by more than 30%, and Quant's QNT became one of the strongest performing assets of the day. In addition, Solana also exceeded the $120 mark for the first time (since January 29), putting its price more than 100% above its 2026 low.
At the same time, the total market value of the entire cryptocurrency market is also rising, and trading activity has increased significantly. So, what is driving this rally?
Bitcoin ETF demand remains strong
A key factor supporting this round of market is the continued demand for Bitcoin from institutions. On September 24, the U.S. spot Bitcoin ETF recorded a net inflow of approximately US$190.7 million. Among them, BlackRock's IBIT took the lead, with a single-day inflow of approximately US$162.6 million; institutions such as Fidelity, Bitwise, Morgan Stanley and Franklin Templeton also recorded capital inflows.
More importantly, the previous inflow was even larger. The funds attracted approximately $999 million on September 21,$714.7 million on September 22, and $346.9 million on September 23. Even though Bitcoin's own intraday fluctuations are relatively mild, this continued spot demand still provides stable support for the market.
Altcoins become market focus
今日更有趣的剧情发生在比特币之外。现实世界资产（RWA）及代币化项目已成为市场中表现最强劲的板块之一。
在被 The Clearing House 选中为其“链上货币倡议”提供技术支持后，QNT 暴涨超过 30%。该倡议旨在支持代币化银行存款的清算与结算。与此同时，随着 Ondo Finance 基于贝莱德开发的模型组合策略推出三款链上投资组合产品，ONDO 也大幅飙升。这些产品使符合条件的非美国投资者能够接触到代币化的投资组合。
这一系列动态使得“代币化叙事”重新回到市场中心。最新市场数据显示，QNT 和 ONDO 位列今日涨幅前列。SUI 和 NEAR 同样录得可观涨幅，而 Solana 突破 120 美元则进一步表明，资金正沿着加密风险曲线向更高风险资产移动。
加密市场反弹是否可持续？
今日的价格走势更像是一种选择性山寨币轮动，而非全市场的比特币全面 surge。这一区别至关重要。尽管比特币仍是市场的锚点，但交易者显然更愿意将资金投入高风险资产，特别是那些拥有新催化剂和强大叙事叙事的代币。
比特币 ETF 的资金流入提供了积极的市场背景，而 QNT 和 ONDO 的项目特定发展则为其上涨提供了支持。其他资产的剧烈波动也表明，投机欲望已重新回归。
The next test is whether Bitcoin can remain stable while altcoins continue to advance. If BTC can hold on to its recent gains, funds may continue to rotate into SUI, NEAR, SOL and crypto assets related to tokenization. However, short-term profit-taking was not surprising after multiple tokens experienced intraday surges of 20% to 30%. But for now, September 25 is a day dominated by altcoins, with institutional capital flows and the rapidly growing narrative of tokenization becoming the two clearest catalysts.
