Alt Season continues, but structure signals late-cycle caution.

Concentration sits at 22.7%, indicating a moderately coupled market, alongside just 3 independent voices. This marks day 820 of the current halving cycle, and stability is low. The data suggests internals are not fully aligned with the Alt Season narrative, as historically this point in the cycle saw BTC dominance. Cycle context: Day 820 post-H4 places the market firmly within the post-peak zone. Compared to 729 days after the prior halving, the current concentration is lower, the gap remains stable at -23.6 percentage points versus historical averages for this cycle position. This divergence from past cycles warrants attention. Watch for a sustained rise in BTC dominance that would mark a shift away from Alt Season and further solidify the late-cycle structure; see hourly reading at banger.today/lens for finer context. Current reading refuted if altcoin outperformance continues for 30 days. This is structural observation, not financial advice. Data: banger.today