Amid a heated debate over whether altcoin season is underway, crypto researcher Orbion has warned that key market metrics are being manipulated. Orbion claims that the Altseason Index (ASI) is being “inflated to create false optimism,” while the Crypto Fear and Greed Index, a key metric for measuring crypto user sentiment, is being “suppressed to make retail sell.”

Some experts insist that altcoin season is here, pointing to the ASI, which recently hit 78. However, skeptics argue that while a score of 78 indicates an altcoin season is underway, the fact that altcoins “are not pumping” suggests a possible manipulation of the index by entities seeking to control the narrative.

In a Sept. 14 post on X, Orbion also argued that the combination of the ASI flashing 78 and the Crypto Fear and Greed Index trending downwards again hints at possible manipulation. The researcher explained how “big players” could execute this strategy:

“Altseason Index can be moved by sudden bursts of liquidity into midcaps,” Orbion said. “Market makers can rotate a few hundred million across alts. On-chain scanners pick up ‘alt rotation’ and push the score higher. But no real retail demand follows, so prices stay flat.”

Orbion added that the same entities can dump significant amounts of bitcoin ( BTC), which causes volatility to spike and attracts media attention. The net result is a drop in the Crypto Fear and Greed Index, even as market fundamentals remain unchanged. According to the researcher, what is curious about the current situation is that both indices are being “gamed” simultaneously.

The researcher’s claims won the support of other experts who cite the lack of broad price rallies as a reason to be skeptical of the current ASI score. Others have gone to the extent of warning altcoin traders to not only stay away from leverage but to wait for the altcoin season to begin organically.

Orbion, meanwhile, claimed that the same tactic was used during the memecoin season, which ultimately benefited insiders. “Retail entered late and got dumped on,” Orbion said. “The same pattern is playing out again, just with cleaner tools.”

To avoid becoming “exit liquidity,” the researcher urged investors to track real signals like open interest flows, unique wallets, and developer activity. Orbion concluded that the next genuine altcoin season will not need an index score to confirm it; instead, it will be confirmed by “hundreds of tokens rallying with volume behind them.”

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