Interesting: Mentions of "Altseason" on social media have fallen to a two-year low. That sounds bearish, but historically, the correlation between this apathy and subsequent altcoin rallies shows an interesting pattern. Every time everyone talked about Altseason, a local high followed. Every silence was followed by a rally. The correlation is hard to miss across multiple cycles.

The current situation is brutal: Dogecoin about 75% below the cycle high, Solana down over 60%, Cardano more than 70% lower. Capital is flowing into BTC and stablecoins, not into low-cap coins. No wonder no one wants to talk about altcoins. But right here, the correlation could come back into play.

The on-chain picture diverges from the sentiment: Bitcoin wallets with 100+ BTC are approaching the $20,000 mark, large investors are apparently accumulating. The conditions are not yet ideal – Bitcoin needs to stabilize – but the sentiment setup is there. If the correlation holds, this calm could actually be the most bullish sign for altcoins.