Alt Season continues, but structure shows late-cycle hallmarks.

Concentration sits at 22.6%, with just three independent voices observed today, and market stability remains low. This marks day 790 of the current halving cycle, placing the market in a post-peak zone. The relatively low concentration suggests less coupling to single factors than historically seen at this point in the cycle, a difference of -0.2375 compared to the average. The gap between today's concentration and its historical average remains stable at -23.8 percentage points, unchanged from 2026-06-15. Historically, day 790 post-H4 has often been a BTC Season (94%), but this cycle is behaving differently. The current Alt Season contrasts with prior cycles’ behavior. Watch for a sustained rise in concentration that would mark a shift away from the current structure. See hourly reading at banger.today/lens for finer context, and this reading would be refuted if voices contract significantly for three consecutive days. This is structural observation, not financial advice. Data: banger.today