Delphi Digital: Is the Altcoin Season Already Here?

Delphi Digital's latest episode of 'The Hivemind' explores whether the current market activity constitutes a true altcoin season. The panel argues that the market is shifting from a broad-based 'Beta' rally to a 'structural Alpha' environment, where performance is driven by asset-specific fundamentals rather than uniform liquidity. While some assets like ZEC, HYPE, and Lighter are showing strength, the panel remains cautious about whether this represents genuine new capital inflows or merely a reallocation of existing funds. The discussion highlights that the market is evolving toward using crypto infrastructure to trade traditional assets, emphasizing value capture and cash flow over speculative narratives.