Alt Season continues, but concentration signals a shift.

Today’s market shows an Alt Season underway, day 19 of this phase, with observed concentration at 22.9%. Low stability and three independent voices suggest stress within the broader structure. This level of coupling is below historical averages for this cycle position, indicating divergence from typical patterns. The current state sits day 780 post-H4 halving, in a post-peak zone where historically BTC Season has been more common (94%). The concentration gap versus that historical average is closing, shrinking from -26.0 percentage points on 2026-06-05 to -23.4 today, a move toward established patterns. Watch for a sustained rise in concentration above the historical norm at this cycle position, which would refute the current reading if observed for three days. See hourly reading at banger.today/lens for finer context. This is structural observation, not financial advice. Data: banger.today