Introduction

Most say crypto is “dead”.

Bitcoin trades near $64,500, roughly 49% below its October 2025 peak of $126,198. Total crypto market capitalization has fallen from $4.27 trillion to about $2.29 trillion. Bitcoin dominance sits at 56.5% and the altcoin season index reads between 30 and 37, well under the 75 that would signal real altcoin leadership.

Underneath that, something...