Altcoin season might not have truly started yet. Right now, most Altcoin investors are still underwater. This chart from Glassnode is pretty shocking: Among the top 500 coins by market cap, the median "profit supply ratio" is less than 25%. In other words— Over 75% of tokens are still in a loss. But what’s really worth noting is the historical comparison: In the past, when the market entered full-blown mania and approached cycle highs, it wasn’t just Bitcoin holders making massive profits. The entire Crypto market would enter Deep Profit together. BTC making money. ETH making money. Altcoin holders making money in droves. That’s when the market truly enters the stage of universal FOMO. And now? Bitcoin has come a long way, but Altcoins still have a large portion of tokens deeply underwater. This reveals at least one very important thing: The current profit distribution across the market is still far from the euphoric peaks of past cycles. If funds really start flowing from Bitcoin → Ethereum → Altcoins next, then the sea of red we’re seeing now might be the most interesting part of this cycle. Not all Altcoins will necessarily recover. But if you ask me whether this feels like "everyone’s already made insane profits and we’re ready to top out"? Looking at this chart alone, there’s no sign of that widespread profit-driven mania. The real Altcoin season might still be ahead.