The macro picture shifted a bit today. Let me break it down.

We've seen over $2.26 billion in BTC ETF outflows recently. That's a big number and it's definitely putting pressure on BTC.

However, some smart money like Mark Connors thinks BTC is ready to outperform everything else long term due to inflation. Plus, Hyperliquid's surge and AI crypto interest signals renewed risk appetite for alts.

So, here's my read using an if-then framework:

IF BTC continues to struggle and can't hold above, say, $76000, we could see more downside. In that case, I'd be real cautious with BTC positions.

Maybe we'll see capital rotating into alts that are showing strength, like SUI which is up over 2% today or SOL which has decent volume.

BUT, IF BTC manages to absorb this selling pressure and pushes past its daily high of $77404.18, that would be a very bullish signal.

If that happens, we could see a strong bounce across the board, with alts like ETH and BNB likely following suit.

Right now, I'm leaning towards the first scenario being more likely in the short term given those outflows. Gotta stay vigilant.

Always DYOR.

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