Consorti attributes the phenomenon to a significant change in market participation: "This cycle, institutions, sovereigns, and long-term holders are leading the charge, increasingly allocating capital exclusively to bitcoin while largely ignoring the rest of the market.” Related Reading: Bitcoin Funding Rate Turns Neutral On Top Exchanges: What Happened Last Time Last week’s market turbulence resulted in what Consorti calls "the single-largest liquidation event in crypto’ history,” citing data that more than $2.16 billion in positions were wiped out within 24 hours.
In past cycles, retail-driven speculation pushed bitcoin’s price up and later funneled money into altcoins, causing bitcoin dominance to decline.That dynamic is gone.” According to Consorti, the days when a broad altcoin rally would follow Bitcoin’s initial surge appear to be over.
Related Reading: Bitcoin In 2025: History Could Repeat With A 2017-Style Surge Adding a policy dimension to the market’s transformation, Consorti highlights a statement from Senator John Boozman during the White House Crypto Working Group’s first press conference: "Some digital assets are commodities, some are securities.” This, he suggests, is a tacit acknowledgment that Bitcoin stands apart from other digital assets.
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