Wall Street’s altcoin ETF rotation is not producing an altseason, and the old playbook may be breaking

US exchange-traded funds tied to Ethereum, XRP, and Solana attracted almost $59 million on Sept. 9 as Bitcoin products lost $120.24 million, offering another example of how capital is shifting between regulated crypto exposures.The wider market barely reflected that rotation. BlockchainCenter’s Altcoin Season Index stood at 37, well below the 75 threshold at which three-quarters of the largest eligible tokens are outperforming Bitcoin over 90 days.That divergence is becoming a defining feature of the expanding crypto ETF market. Investors have more ways to move beyond Bitcoin, but their money remains concentrated in a handful of large assets rather than cascading through the broader token market.Wall Street’s rotation is staying inside a small ETF clubThe Sept. 9 session showed how easily an institutional altcoin trade can develop without becoming a broad crypto trade.ETH funds took in $34.75 million, XRP products attracted $12.29 million, and Solana added $11.73 million while Bitcoin funds posted their second consecutive day of withdrawals.Those numbers do not prove investors redeemed Bitcoin ETFs and immediately bought the three alternatives. However, they do show that demand was...