The majority of the market still believes in classic rotation — when money flows from bitcoin into alts. But in this cycle, everything works differently.

What does it mean?

The big players who have injected liquidity into BTC are not altcoin rotators. If you look at the structure of holders of the IBIT Bitcoin ETF, these are hedge funds and trading firms that play other strategies.

Here are the largest institutional holders of IBIT (according to official data):
— Millennium Management LLC — $848 million
— Goldman Sachs Group Inc. — $461 million
— Schonfeld Strategic Advisors LLC — $194 million
— Morgan Stanley — $182 million
— Tudor Investment Corp — $159 million
— BlackRock Inc. — $92 million

And the list goes on. These funds do not sit in altcoins, their goal is liquid, institutionally acceptable assets.

What's going on?

The market is already overheated on the topic of rotation to alts. Most retail traders entered the alts in advance, hoping to "beat" the market. But the real money that brought BTC to $100K is Michael Saylor and the funds buying up ETFs.

Therefore, the current capital structure is more resistant to the flow of liquidity into alts. In this cycle, bitcoin is not just a leader, but the main center of attraction for capital.

The main thing to understand is

Capital moves to places where there are fewer risks and more institutional interest. In this cycle, it's Bitcoin.

Those who sit in altos and wait for a powerful rotation may underestimate that this cycle is driven not by retail, but by big money.

However, there are still chances for an altcoin wallhall.