FOMO hasn't arrived yet, alt season search interest has dropped by 50%, Altcoin Season Index is stuck below 60, BTC.D is facing resistance at 60%.

The altcoin cycle hasn't ignited, TOTAL2 has increased from 1T to 1.7T but rose in sync with BTC, there hasn't been a true rotation. Considering BTC's 8% drop from 124k, funds are waiting for signals from Powell. In the future, if FOMO ignites, altcoins can explode, but right now the risk flow is still tentative.

That being said, the last election cycle index exceeded 85, this time it's much weaker. Investors shouldn't rush in, keep an eye on BTC support at 112k, and prepare to buy altcoins at lower prices.