Seeing more altseason talk again coz a few coins are moving, but I’m not convinced yet.

Coinbase’s July positioning report still had altcoin open-interest dominance around 0.6–0.7. CoinDesk also found stablecoin supply had dropped about $11B since early June. That doesn’t really look like money is rushing back into everything.

A few coins can run while most of the market stays weak. For now this looks more like rotation than altseason to me.

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