What we’ve seen over the past few months is a very clear rotation of capital.

Gold topped in September. After that, gold bugs started taking profits and rotating down the risk curve. First into Silver, which went on to print a new ATH about three months later. Then into Palladium. Then into small caps, with the Russell 2000 putting in a new ATH just two weeks ago.

This is exactly how risk appetite rebuilds.

Capital does not jump straight from safety into high beta. It steps down gradually.

If this process continues, the next logical destinations are Bitcoin and Ethereum. After that, large cap altcoins. And only later, when confidence fully returns, the lower cap names.

This isn’t random. It’s rotation. And once it starts, it usually doesn’t stop halfway.