I have seen some friends say that the drop in $BTC and $ETH is what will trigger an altcoin season. I don't know what that train of thought is. If BTC and ETH can separate themselves, how could anyone still go play with ALT? A normal altcoin season should occur when funds overflow into the sector during the gradual rise of BTC and ETH.

But right now, the main buying power of BTC hasn't significantly increased or decreased, and the main buying power of ETH is in the primary and secondary markets for ETFs. It seems unlikely that it will overflow into altcoins in the short term, especially since the US stock market is also worried about recession, and liquidity is a mess.

I still think we can judge the altcoin season in the crypto space through the Russell 2000. If small-cap stocks are not showing any improvement, it may be even harder for an altcoin season to occur.