The cryptocurrency market is showing signs of an emerging altcoin season, with several altcoins demonstrating relative strength against Bitcoin. Despite Bitcoin's recent 10% price drop, many altcoins have either held their value or shown gains of 5-10%, a departure from historical trends where Bitcoin's decline would lead to larger losses for altcoins. Market observers note that this altcoin season is characterized by selective performance, with utility-focused projects and those with strong fundamentals gaining traction. Stablecoin supply has also expanded significantly, surpassing $221 billion and representing over 1% of the US dollar M2 money supply. USDT's market share has declined from 73% to 64%, while USDC's share has grown from 20% to 25%. CryptoQuant's CEO has predicted that the current altcoin season will be more selective, favoring projects with sustainable attention, revenue generation, and potential ETF approvals. Additionally, data from PumpFun shows a significant drop in new token launches, indicating a shift in market focus toward established utility-driven projects.