TOTAL2 Exclude Stablecoins vs Russell 2000Russell 2000 IndexCBOEFTSE_DLY:RUTCryptollicahis chart compares two different risk markets. On the left, Russell 2000. On the right, the crypto market excluding Bitcoin and stablecoins. At the bottom, the relative ratio between the two. The purpose is simple: Is the broader crypto market structurally dead, or is it still lagging behind traditional risk assets before a new rotation phase? Russell 2000 already completed its post 2021 repair. It made the 2021 top. It corrected. It formed the 2022 bottom. It retested the old high. Then it broke out and moved into a new expansion phase. TOTAL2 excluding BTC and stablecoins is following a similar broad structure, but with a clear delay. It also made the 2021 top. It also corrected into the 2022 bottom. It also rebuilt through 2023 and 2024. It also returned near the old high region. But unlike Russell 2000, it has not confirmed a clean breakout yet. That is the key difference. relative ratio is now near the same lower range that marked the 2022 bottom area. means the broader crypto market is not expensive versus Russell 2000 here. It is deeply reset. The ratio is sitting near a region where previous relative weakness reached exhaustion before recovery started. That does not mean immediate expansion. It means the market is back in a historical relative value zone. For the bullish rotation thesis, two things matter now: First, TOTAL2 excluding BTC and stablecoins must defend its higher base. Second, the ratio against Russell 2000 must stop losing ground and start reclaiming the lower range. If that happens, the setup changes from lagging risk asset to relative recovery candidate. If the ratio breaks below the 2022 relative bottom and TOTAL2 loses its base, the structure weakens. So the chart is not giving a completed signal yet. It is showing a location. Russell 2000 has already moved through its repair and breakout phase. Crypto excluding BTC and stablecoins is still sitting at the delayed version of that same question. market is not asking whether altcoins are popular. Its asking whether the broad crypto risk curve can finally stop underperforming traditional small cap risk. the level to watch.