⌛ Still Waiting for Altseason?

🛍 For two years, the data has been telling a different story. Bitcoin gained around 28%, while the median mid-cap lost 74% and Ethereum mostly moved sideways. The usual cycle of money flowing from BTC into smaller tokens simply hasn’t shown up the same way.

🔈 Capital has been concentrating instead. Bitcoin ETFs attracted around $55.2B versus $13.1B for Ethereum, while leverage remains much heavier in speculative tokens. Bitcoin futures open interest sits around 2% of market cap, compared with nearly 24% for PEPE.
Maybe the question isn’t when altseason starts anymore. Maybe it’s whether the old rotation pattern still works in today’s market.

💬 What would make you stop waiting for altseason?