The Altcoin Season Index remains at 44, significantly below the critical threshold of 75, indicating that an altcoin season has not yet commenced. Despite positive macroeconomic signals, such as China's economic stimulus and the Federal Reserve's potential rate cut in September, Deribit Chief Commercial Officer Jean-David Péquignot notes that these factors have not translated into sufficient market momentum. Péquignot highlights that while accommodative central bank policies could boost market liquidity and speculative inflows, the current market lacks the necessary trading volume and growth momentum. Ethereum's recent price increase relative to Bitcoin suggests a potential market shift, but it is insufficient to trigger a full altcoin season. Bitcoin's dominance remains strong at 58%, maintaining its central role in the crypto market.