Alt Season continues, but stress signals warrant caution.

Concentration sits at 22.9%, indicating a degree of coupling within the market, alongside only 3 independent voices and low stability. This marks day 809 post-H4 halving, placing the cycle in the post-peak zone. The current concentration is below the historical average for this point in the cycle, by -0.2341. Cycle context: At day 809 post-H4, the market historically favored BTC Season (94%) instead of Alt Season. The concentration gap versus the historical average remains stable at -23.4 percentage points, unchanged since 2026-07-04. This cycle’s structure has diverged from previous cycles. Watch for a sustained rise in BTC dominance that would mark a transition away from Alt Season and signal a shift toward a more coupled market; see hourly reading at banger.today/lens for finer context. Current reading refuted if altcoins outperform Bitcoin consistently for 14 days. This is structural observation, not financial advice. Data: banger.today