Altcoins aren’t underperforming because something is broken.

They’re underperforming because capital is refusing to spread 🚨

Right now, liquidity is concentrated:

Bitcoin absorbs flows

ETH absorbs what’s left

Everything else competes for scraps

That’s not fear it’s selectivity

In real alt seasons, money rotates

Today, money parks

Investors aren’t chasing narratives or beta.

They’re prioritizing liquidity exits and survivability.

When that mindset dominates, small caps don’t rally they decay

Altseason doesn’t start when people complain

It starts when capital stops hiding and begins taking risk down the curve again.

Until you see that shift underperformance isn’t manipulation

It’s structure.