It's been a long time since I checked Realized Cap Hodl Waves.

When less than 6 months short-term holder ratio was increasing, small altseasons occured.

This year, 1m-6m holder ratio has been increasing. But, 1m holder ratio increased and decreased. Then, recently, it's rising again. If it recovers the levels of the end of 23 or 24, it would be nice that a small altseason occur. However, during the last 4 years, small altseasons happeneed 2~3 times. So, I look forward to Altseason 3.0

Furthermore, not only this on-chain data, but also other on-chain data such as BTC MVRV Z Score, NUPL and ETH MVRV Z Score have not reached the past bubble levels. Therefore, in this cycle, altcoins have not suffered a bubble yet.

Additionally, it's expected that spot altcoin ETFs will be approved this Q4, and more rate cuts until the end of this year. (The upper 2% range)

As I have a long-term perspective, I expect one or two waves left this cycle.