Late in every cycle, the same question quietly returns: Is capital beginning to rotate? Not with fireworks, not with headlines — but through subtle shifts in relative performance. The ALT/BTC ratio, long trapped in structural decline, has recently shown something more restrained yet more interesting: stabilization.
This kind of transition rarely announces itself. Downtrends do not flip into rallies overnight. They compress first. Momentum slows. Volatility tightens. What once looked like persistent weakness begins resembling equilibrium. Markets often whisper before they move.
Rotation, however, is not a binary event. It is a liquidity behavior. Bitcoin remains the system’s gravitational center — the asset absorbing uncertainty, macro stress, and institutional flows. When dominance stabilizes rather than accelerates, attention naturally drifts outward. Not as rejection, but as redistribution of risk.
What’s notable in recent structure is selectivity. Broad speculative expansion — the classic “everything rallies” phase — has yet to emerge. Instead, relative strength appears uneven. Certain sectors gain traction. Others remain inert. Capital seems cautious, probing rather than committing.
This distinction matters. Mature markets rarely rotate indiscriminately. Liquidity seeks efficiency. It migrates toward narratives with durability, depth, and structural relevance. The shift becomes less about hype cycles and more about compositional resilience.
If a rotation phase is forming, it is behaving less like a surge and more like a recalibration — volatility compressing, correlations shifting, relative strength quietly rearranging.
Markets, as always, adjust before consensus does.
$BTC #altcoins #BTC