The Altcoin Cycle Signal is back in Altcoin Season. The typical version of this print has alts running while BTC stays bid. Currently, we see alts running out of sellers after nearly two years and BTC drawing down aggressively. For now, the BTC side is still doing most of the work.

https://glassno.de/4eIE8Vr

Hyperliquid traders are increasingly leaning long despite $BTC remaining well below its highs. Positioning has become progressively more bullish through the downtrend, highlighting persistent dip-buying and growing squeeze potential.

📈https://glassno.de/4g0NjTp

Since mid-May, the 7D-SMA of US Spot ETF aggregated flows has not recorded a single net positive day.

This suggests but an absence of institutional demand. TradFi capital has yet to re-engage with BTC at current price levels.

📉 http://glassno.de/btc-etf-flows-all

With price contracting to $1.04, the 90D-SMA has declined further to 0.33, the lowest reading since August 2022.

Capitulation pressure continues to deepen. Each successive low in this ratio reflects a growing share of participants exiting at a loss, with profit-taking activity increasingly unable to offset it.

📉 http://glassno.de/xrp-rplr

With price sliding below $60k, long-term holders are now carrying 5.6M BTC at a loss, the highest since the Covid crash in 2020.

The resolution of overhang supply is extending, not concluding.

📉 http://glassno.de/btc-lth-supply-loss