#Gate广场五月交易分享 Altcoin movements, altcoins missed out on the last bull run or led the rally early
Is the altcoin season coming? Three key indicators tell you your current position
Altcoin Season Index 46, Bitcoin market cap share 60%, ETH/BTC still low…
Two dips and rebounds, missed the last altcoin rally, can this one catch up?
Recently, many friends are asking:
“Is the altcoin rally about to start?”
“Two dips and rebounds, the altcoin sector generally rising, could this be an early sign of altcoins leading?”
We directly use three core data points to objectively discuss the current market position.
01 Altcoin Season Index: 46.00
Not yet in “altcoin season,” just a transitional zone. Simply put: value above 75 → Most altcoins outperform Bitcoin, true altcoin season
Value below 25 → Deep Bitcoin season, funds highly concentrated in BTC. Currently this index is around 46 (different data sources may vary).
This is a rebound from February’s 39, but still far below the 75 confirmation line.
Conclusion: Altcoins overall have not outperformed Bitcoin, the market remains on the fringes of “Bitcoin season,” just transitioning from extreme lows.
02 Bitcoin Market Cap Share: 59.99%
Still high, capital outflows have not yet occurred on a large scale, touched 61% at the beginning of May, now back to 59.99%. How high is this number?
— Since 2019, it’s a rare high zone. Historical experience: November 2020 also approached 60%, then a fierce altcoin rotation occurred.
But the key point: that rotation was triggered by Bitcoin market cap share declining for several consecutive weeks, not just daily fluctuations. It remains relatively stable, large-scale liquidity outflow to altcoins is not yet fully mature.
03 ETH/BTC: 0.02848
Bottom of an eight-year pattern, but ETH/BTC has not reversed. Currently about 0.02848. Technically, it’s in the lower tip of an eight-year converging triangle (pattern end near 0.029).
If it breaks upward, the market believes it could trigger a stronger altcoin rally than in 2021. But the reality is:
It’s still in a downtrend, ETH’s performance relative to BTC remains weak.
A clear rebound in ETH/BTC would be the first sign of funds rotating from BTC to altcoins — which has not yet appeared.
04 “Two dips + missed previous altcoin season,” is the logic valid?
These two facts are correct:
From early 2025 to 2026, due to liquidation events, liquidity delays, etc., many altcoins have missed the expected altcoin season peak. Since 2023, the total market cap of many altcoins has shown accumulation patterns similar to the bull markets before 2016 and 2020, but note:
“Selective altcoin surges” ≠ “Full altcoin season has begun.” The more accurate current situation is: structural altcoin window: funds still prioritize BTC, ETH, and a few high-liquidity assets, with short rally cycles, quick pullbacks, and small tolerance for errors.
A broad rally requires more confirmed signals.
05 Institutional era, altcoin models have changed
The 2021 script can no longer be rigidly applied. The biggest difference now: institutional funds are deeply involved. Institutions prioritize BTC (via ETFs, compliant accounts) and do not start by heavily buying small-cap altcoins. The total number of tokens exceeds 10 million, with funds heavily diverted elsewhere. Additionally, multiple large projects face token unlocks in May,
creating actual selling pressure on small- and mid-cap tokens.
Stablecoins also have not flowed massively into long-tail assets.
06 Next, focus on two key signals
On the positive side, total altcoin market cap (TOTAL3) has rebounded to $765 billion, a two-month high, and altcoin trading volume share has risen from 31% to 49% (compared to BTC+ETH futures).
Some analysts expect: the altcoin season peak may occur between May and September 2026, and we are within this window.
Must-confirm signals
BTC market share weekly close below 59.63%
ETH/BTC clearly shifts from decline to rebound at 0.02848
Altcoin Season Index rises from 46 to above 75 (strong confirmation)
These three signals need to be confirmed one by one, not guessed, but based on weekly data.
07 Summary: It’s not “already here,” but “conditions are brewing”
Overall judgment: two dips + missed previous altcoin season
✅ Historical pattern similar to the lows of 2017/2021 ✅ Structural presence, but current data does not support “full altcoin season has started”
A more accurate characterization: early conditions for altcoin season are gradually forming, but core technical signals are not yet confirmed.
In the coming weeks, focus on:
🔻 Whether BTC market share can fall below 59.63% (weekly level)
🔻 Whether ETH/BTC can stop falling and rebound
These are the leading indicators of funds truly rotating “from BTC to altcoins.”
Have your altcoins been moving recently?
Feel free to discuss in the comments—