Alt Season continues, but structure shows post-peak signals.

Concentration sits at 22.7%, indicating a degree of coupling within the market, alongside three independent voices and low stability. This marks day 816 of the current halving cycle, placing it firmly in the post-peak zone. The observed concentration is below its historical average for this point in the cycle, by -0.2360. The cycle context shows day 816 post-H4, historically a BTC Season (94%) at this position, yet currently Alt Season. The concentration gap versus the historical average remains stable at -23.6 percentage points, neither widening nor closing since 2026-07-11. This cycle's structure has deviated from prior cycles. Watch for a sustained rise in BTC dominance if it persists for three days, which would refute the current reading. See hourly reading at banger.today/lens for finer context. This is structural observation, not financial advice. Data: banger.today