How the $BTC market actually traded this week tells the rotation story:

Held up: $SOL and $HYPE green, $LTC barely down, names with catalysts or low beta.
Crushed: $ATOM , $DOGE and $DOT , all down 11 to 15%, the high-beta and storyless.

Even in a red quarter, money does not just leave, it picks favorites.

Rotation, not just risk-off.