Yesterday, I wanted to see the full moon and make a wish, but Jeju was cloudy, so I couldn’t. I’ll just keep looking for another chance. Everyone, enjoy plenty of delicious food and have a hearty Mid-Autumn Festival! 😄 **Coin Market Assessment – September 26, Morning** Bitcoin is currently around $83,900–84,000. After surging to $87,000 on September 21–22, it underwent a correction, yet it has held firm above $83K even after yesterday’s large options expiry. Rather than signaling a reversal of the uptrend, this appears more like a consolidation phase following the sharp rally and leverage unwinding. **CoinGlass +1** Yesterday’s major event was the quarterly BTC options expiry, totaling approximately $15.6–15.9B. While BTC dropped from $87K to the $83K range due to hedge unwinding and long liquidations, there was no further crash afterward. Moving forward, what matters more than option price protection is whether real spot buying pressure emerges. **FinanceFeeds +2** **Futures Market — Improved from Yesterday** This is today’s most notable development. On September 23, BTC open interest (OI) peaked at ~$61.3B; according to CoinGlass, it has now declined to ~$55.5B — roughly a 9% reduction in leverage. With price holding steady near $84K while OI decreases, I view this positively as a healthy de-leveraging. **RootData +1** Funding rates remain positive, indicating slightly more long positioning, but not at extreme levels. Recent figures hover around +0.002%, with major exchanges reporting 8-hour equivalents between +0.003% and +0.008%. There’s a long bias, but we’re far from a “long liquidation bomb” scenario. **Maketo +1** Thus, based solely on futures data, I’d classify the current market as a **“watch zone” with risk level 50–60** using my app’s framework — not yet at the warning threshold of 70+, nor approaching extreme danger at 90+. No such signs are visible in current data. **Spot capital has not yet withdrawn** U.S. BTC spot ETFs recorded net inflows of ~$191M on September 24, bringing cumulative inflows over the past six trading days to ~$2.8B. ETH ETFs also continued their streak with ~$66M inflow on September 24. The fact that institutional capital hasn’t fully exited despite BTC’s pullback remains a critical support. 🔥 **Altcoin Market Entry Signal** Today marks a clear step forward compared to last week. BTC dominance is currently ~56.7% according to CoinGecko. Total crypto market cap stands at ~$2.97T, with BTC accounting for ~$1.69T. ETH is trading around $2,690, making ETH/BTC roughly 0.032. ETH has recently outperformed BTC and has maintained an upward structure since technically breaking resistance levels in early September. **CoinMarketCap +1** More importantly, consider TOTAL2 and TOTAL3: - TOTAL2 (excluding BTC): ~$1.17T; +9.6% over the past week, +12.7% over the past month - TOTAL3 (excluding BTC and ETH): ~$810B; +8.1% over the past week, +8.8% over the past month This means it’s not just a BTC-driven rally — capital is actively flowing into altcoins. **TradingView +1** The Altcoin Season Index has risen to ~56/100 — up from 51 a week ago and 46 a month ago. While improving, it still falls short of the official altcoin season threshold of 75. Interestingly, the 30-day indicator is already at 76, while the 7-day is at 54 and the 90-day at 56. This suggests early signs of an altcoin rally are strengthening, but the broader market hasn’t yet entered a synchronized breakout phase. **Altcoin Season Tracker** Indeed, yesterday while BTC was consolidating, several alts like QNT, ONDO, and LINK surged significantly — with capital rotating toward legitimate projects rather than memecoins. SOL is also up today, trading around $117 on a 24-hour basis. **CoinDesk +1** My assessment of altcoin signals: 🟡 → 🟢 at about **4/5**. We’re not yet at the point to declare a full-blown altcoin season — but describing this as the **early stage of an altcoin entry phase** is now quite accurate.BTC is holding steady around $82.5K–83K, and if ETH/BTC continues rising while BTC dominance declines further, the altseason signal could rise to 5/5. Conversely, if BTC suddenly collapses below $80K, alts may swing far more violently than BTC, requiring a reassessment of the altseason outlook. To summarize today in one sentence: 👉 Option expiration passed without major shock, futures leverage has decreased, and spot ETF inflows remain steady. As BTC holds near $83K and altcoin rotation gains momentum, we’re increasingly moving from a “wait-for-BTC-recovery” phase toward a “confirming-entry-into-altseason” phase. Today, pay closer attention to ETH/BTC and BTC dominance than to BTC itself.