The ETH/BTC ratio has just surged above 0.030, hitting a three-month high. A lot of people are already shouting that the alt season is coming. But the data actually pours cold water on that—at the same time, Bitcoin’s market share is also rising. What does it mean when both are going up? Money is concentrating into the mainstream coins, not being scattered into grassroots coins. The real alt season is when BTC goes sideways and funds overflow to pump smaller coins—this situation clearly isn’t that. $ETH ’s relative strength can only be seen as the leader catching up with gains; don’t treat it as a signal of a broad-based breakout. If you really want to wait for an alt season, you’ll have to see Bitcoin turn down and make room. As for $BTC here, if it doesn’t loosen up, it will be hard for altcoins to have a major run.