Glassnode's Altcoin Cycle Signal has surged to 86, indicating an 'altcoin season,' but not due to altcoin rallies. Instead, Bitcoin's sharp decline to $63,600 has outpaced altcoin losses, causing the signal to rise. This reflects Bitcoin's weakness rather than increased demand for altcoins, as the latter have merely stabilized after prolonged declines. The current market dynamics suggest a bearish outlook, with altcoins gaining relative strength only because Bitcoin is falling faster.