According to @MilkRoadDaily, the altcoin season chart that only lights up in bull markets shows the ratio is back at the bottom of its historical range in 2025, implying the real altseason may not have started yet source: @MilkRoadDaily on X, Sep 19, 2025, https://x.com/MilkRoadDaily/status/1969106745600721241. They add that in the 2017 and 2021 cycles this ratio lit up in the middle to late phase, positioning today’s reading as early-cycle for altcoins source: @MilkRoadDaily on X, Sep 19, 2025, https://x.com/MilkRoadDaily/status/1969106745600721241. For traders, this suggests waiting for a sustained turn-up in the ratio before overweighting altcoins, aligning entries with the indicator’s bull-market confirmation described in the post source: @MilkRoadDaily on X, Sep 19, 2025, https://x.com/MilkRoadDaily/status/1969106745600721241.