Altcoins Rip Higher, but One Brutal Metric Kills the Altseason Hype

Bitcoin surged 23.6% and Ethereum 31.2% in seven days, while Pump.fun's PUMP and Ethena's ENA jumped 99% and 98.57% respectively. Despite these gains, many tokens remain below their former peaks, dampening altseason enthusiasm. The metric shows most altcoins still trade far from all-time highs, suggesting the rally is not broad-based.