People are finally realizing we’re not getting a traditional alt season - just rotating pockets of liquidity. These aren’t broad risk rallies; they’re isolated bursts driven by narratives or positioning.

Forget “retail is coming.” The real question is whether the current active players are risk-on or risk-off. If they’re pressing, ceilings rise and if they rise high enough, they start pulling in the semi-retired money sitting on the sidelines.

What matters is what flips that switch: narratives, breakouts, macro shifts.

Spot the pocket early, press when the odds tilt. That’s the edge now.