Do you know that total silence about altseason we see around? Well, mentions on social media have dropped to the lowest levels in two years. And look, historically, this is a pretty interesting indicator of when retail investors are truly discouraged. Every time no one talks about altseason anymore, it’s precisely when the big players start accumulating behind the scenes.

The numbers speak for themselves: Dogecoin has plummeted about 75% from its peak, Solana lost over 60%, Cardano fell more than 70%. The entire capital has shifted to Bitcoin and stablecoins while altcoins lag behind. It makes sense to be discouraged, right?

But here’s the interesting part: on-chain data shows wallets with more than 100 BTC approaching 20,000 for the first time since February. In other words, while everyone complains, the big investors are buying. The Fear and Greed Index has been in ‘extreme fear’ most of the time, and searches for ‘bitcoin to zero’ hit record highs in the US.

The sentiment scenario is already set. All that’s missing is for Bitcoin to stabilize amid these larger geopolitical pressures. When that happens, the rotation into riskier assets could be quick. XRP, for example, has good whale accumulation volume but still needs to confirm a more solid reversal.