Alt Season continues, but structural signals remain mixed.

Concentration sits at 22.7%, alongside 3 independent voices and low stability, marking day 767 post-H4 halving. This level of concentration is below the historical average for this cycle position, indicating a less coupled market. The market is currently in the post-peak zone, a historically BTC Season-dominant position. Cycle context shows day 767 post-H4, a time when prior cycles typically saw BTC Season. The concentration gap versus the historical average remains stable at -23.6 percentage points, neither closing nor widening since 2026-05-23. This cycle’s structural behavior has diverged from past patterns. Watch for a sustained rise in concentration above prior levels, which would mark a shift away from the current Alt Season structure. See hourly reading at banger.today/lens for finer context; current reading refuted if a contraction in independent voices is observed for 3 days. This is structural observation, not financial advice. Data: banger.today