October often carries a hopeful tone for crypto. Today’s tape feels different. Both the Altcoin Season Index and the Fear and Greed Index hover at 25, a reading that tilts toward Bitcoin season, yet Bitcoin itself trades only slightly above $105,000 after sliding 13% in a week. That combination leaves altcoin holdings exposed while liquidity rotates quickly between books. Depth did not disappear but migrated. Sellers met bids at lower marks, and volumes jumped where participation concentrates during stres ...