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Altcoins vs BTC (TOTAL ex top 10 / BTC)
This chart is sitting near the same base area that launched previous altseasons.
Historically, alt runs started when this ratio stopped making lower lows and began trending up slowly.
Right now it looks like compression. Selling momentum is slowing.
If this structure holds and we see higher lows form, that’s the early altseason signal.
Not explosive yet. But positioning phase.