The foundation for the altcoin season is there, but current liquidity is still concentrated on BTC, and there hasn't been much spillover of funds into altcoins.

As the price of Bitcoin declines, multiple series of mining machines reach shutdown coin prices, which may be a sign of a "local bottom."

The chips in the low zone do not want to sell, while the chips in the high zone are reluctant to cut losses. The on-chain chip interval structure is quietly forming.