Alt Season continues, but structure hints at a shift.

Today's market shows a concentration of 23.6%, alongside 4 independent voices and low stability, marking day 770 of the post-H4 halving cycle. This lower-than-average concentration at this cycle position suggests internals are less coupled than historically observed, a characteristic of Alt Season. The market is currently experiencing Alt Season, though historically, day 770 post-H4 has often coincided with BTC Season (94% of the time). Cycle context indicates a post-peak zone, with the concentration gap versus the historical average at this cycle position narrowing slightly since 2026-05-26. This closing gap may signal a return to more typical structural patterns, though the cycle remains structurally different from prior cycles. Watch for a sustained rise in BTC dominance, as this would refute the current reading if observed for 3 days. See hourly reading at banger.today/lens for finer context. This is structural observation, not financial advice. Data: banger.today