I see some friends saying that a altcoin season will only occur when $BTC and $ETH drop. I'm not sure what this line of thought is. If even BTC and ETH are detaching themselves, how could anyone still be interested in altcoins? A normal altcoin season should occur when BTC and ETH are gradually rising, leading to a spillover of funds that drives sector rotation.

However, currently, the main buying power for BTC hasn't significantly increased or decreased, and for ETH, the main buying power is in the ETF's primary and secondary markets. It seems unlikely that it will spill over to altcoins in the short term, especially since the U.S. stock market is also worried about a recession, and liquidity is a mess.

I still believe that we can judge the altcoin season in the crypto space through the Russell 2000. If small-cap stocks aren't showing any improvement, the altcoin season may be even harder to come by.

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