Just been looking at the altcoin season index and it's sitting at 37 right now. For those not familiar, this metric basically tells you whether altcoins are outperforming Bitcoin or if BTC is still the main show. CoinMarketCap tracks the top 100 cryptos over a 90-day period to calculate it, and anything under 50 means Bitcoin's still dominating the market.

So what does 37 actually mean for us? Honestly, it's telling me that capital hasn't really rotated into alts yet. We're in what I'd call the cautious phase where institutional money and retail traders are still playing it safe with Bitcoin and the big names. The altcoin season index would need to push past 75 before we could say we're in a true alt season, and we're nowhere close to that.

Looking back at previous cycles, the index spent a lot of time in this neutral zone before suddenly jumping up. The 2021 alt season saw readings above 80, so there's definitely room for a shift. But right now? The altcoin season index is basically saying don't expect a broad altcoin rally just yet. Individual gems might pop, but don't expect the whole market to move together.