According to analyst Sykodelic, altcoins have struggled in this cycle due to lack of support from the macroeconomic environment, particularly the absence of excess liquidity and economic expansion that typically drive their gains. Charts show that the OTHERS index, which tracks cryptocurrencies outside the top ten, has been range-bound, consistent with the Federal Reserve's net liquidity stalling and PMI mostly contracting. However, as Federal Reserve liquidity appears to have bottomed and rebounded, and PMI is returning to expansion—expected to reach 52.6% in January 2026—the necessary backdrop for an altcoin "season" may finally be forming, with the OTHERS index market cap potentially reaching $560 billion.