The ETH/BTC ratio has broken out of a long-term declining channel to reach a 7-month high near 0.0334, with Ethereum gaining 32.28% against Bitcoin since the June low. Meanwhile, Bitcoin dominance closed at 60.15% last week, clearing a descending trendline from the June 2025 high and the upper boundary of a triangle formation. The Altcoin Season Index stands at 39, well below the 75 threshold required to confirm a broad rotation into altcoins. According to Glassnode, 85% of altcoins now show funding rates above their mean, the highest reading since Bitcoin traded at record levels. Bitcoin currently trades roughly 37% below its October 2025 all-time high, a context that historically weakens the case for altseason, which typically follows new Bitcoin highs rather than drawdowns.
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