Expectations for Altcoin Season are waning due to recent signs of decreasing momentum. Despite the potential injection of fresh liquidity into the market through FTX’s upcoming $5 billion repayment on May 30, investors are moving capital back into Bitcoin.

Bitcoin's dominance has increased, and the ETH/BTC ratio has dropped, indicating a weakening position for altcoins. The Altcoin Season Index has fallen to 25, solidifying Bitcoin's current dominance.

FTX's repayment of over $5 billion on May 30 is anticipated to potentially revive altcoin momentum in June as investors reinvest in the market. However, the recent data shows that while the payout may bring in new capital, the narrative of altcoin season is losing momentum, at least for the time being.