Delphi Digital: Alt Season Is Here but Broad Bull Market Lacks New Capital

The notable claim here is not that altcoins are running, but that the buying is framed as returning insiders rather than fresh external capital — which would make this a narrower, more reflexive cycle than previous ones. The reference to tokenized stocks on Robinhood Chain and Solana matters because it suggests risk appetite is increasingly expressed through on-chain equity exposure, not just tokens, potentially competing for the same speculative dollars. Whether that rotation deepens, and whether BTC, ETH and SOL eventually confirm a broader breakout, is the open question.