Capital Concentrates in Top Crypto ETFs, Delaying Altcoin Season

While institutional capital is rotating between major crypto assets like Bitcoin, Ethereum, XRP, and Solana via ETFs, this activity has failed to trigger a broader altcoin market rally. Data from September 9 shows significant inflows into Ethereum, XRP, and Solana ETFs alongside outflows from Bitcoin products, yet the altcoin season index remains at 37, well below the 75 threshold. Most capital remains trapped within a small circle of top-tier assets, leaving smaller tokens without the necessary liquidity to sustain a market-wide uptrend.