Despite Bitcoin's rise above $110,000, altcoins remain in a bearish trend, with a $36 billion cumulative buy/sell volume difference indicating sustained investor outflows from altcoins. The Altcoin Season Index is currently at 27, well below the 75 threshold, suggesting a lack of capital rotation into altcoins. Analysts note that macroeconomic conditions, including high interest rates, may be delaying a potential altcoin season, with some predicting a shift could occur in late 2025 or even 2026 if market conditions improve.