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

Concentration sits at 22.7%, indicating a degree of coupling within the market, alongside just 3 independent voices. This represents day 826 of the current halving cycle and stability remains low. The market is currently in an Alt Season (day 65) despite historical analogues suggesting BTC Season at this point in the post-H4 cycle. Cycle context places us firmly in the post-peak zone, 826 days after the H4 halving. The concentration gap versus the historical average at this position remains stable, unchanged since 2026-07-21, suggesting a persistent divergence from prior cycles. This cycle's structure has been notably different than previous ones. Watch for a sustained rise in BTC dominance to signal a shift away from current Alt Season conditions; see hourly reading at banger.today/lens for finer context. Current reading refuted if altcoin outperformance is observed for 30 days. Data: banger.today