According to Gregory Mall, Bitcoin (BTC) reached a new all-time high on May 22, driven by central bank rate cut expectations from futures markets, institutional inflows into spot BTC ETFs exceeding $16 billion year-to-date, and easing political risks. Mall notes that BTC dominance has risen to 54%, and historical data from TradingView indicates this often precedes altcoin rallies, with Ethereum (ETH) already surging 81% since April lows. Indicators for a potential altcoin season include institutional broadening into diversified crypto indexes, Layer 1 innovations like Solana (SOL), and DeFi resurgence with total value locked at $117 billion, as reported by DeFiLlama. However, Mall cautions that crypto remains a risk-on asset amid global economic fragility highlighted by the OECD report.