The chart tells the story perfectly. This cycle has been defined by institutional absorption rather than retail speculation.
The launch of spot ETFs in early 2024 created a persistent bid for Bitcoin that altcoins simply couldn't match. We moved from a 40% dominance to nearly 60% over the last three years. While previous cycles relied on BTC profits rotating into alts, this time the money stayed in the regulated BTC wrapper.
With BTC at $89,515, the gap is wider than ever. ETH at $2,958 and SOL at $127 show how much the rest of the market has lagged. Capital is being treated as a store of value first and a tech bet second.
The grey area in your chart shows the divergence isn't just a trend, it's the new structural reality of the market. Most alts are still fighting to reach their 2021 levels while BTC has been in price discovery for months.
True alt season needs a massive surge in net liquidity or a major rotational catalyst. Right now, Bitcoin is still the only one with the institutional green light.
