What we're seeing now is stubborn Bitcoin dominance despite breaking all time highs - is indeed a departure from the playbook we've come to expect. Normally, this would be the moment when the proverbial altcoin season begins to bloom.

Throughout my years tracking these markets, I've observed that capital typically cascades from Bitcoin to Ethereum, then outward to smaller altcoins. It's almost a ritual of crypto cycles - $BTC leads, $ETH follows, and then the broader market joins the dance.

The current $ETH underperformance relative to $BTC tells a compelling story we're in uncharted territory, where institutional money may be approaching crypto differently than in previous cycles.

They appear to be treating Bitcoin more as a standalone asset class rather than an entry point to broader crypto exposure maybe this change soon

This isn't necessarily bearish for altcoins long-term, but it does require adjusting our expectations about how this cycle might unfold.

The fundamental question becomes: are we seeing a delay in the typical rotation, or a structural change in how capital flows through the ecosystem?

In my experience, these market anomalies often present the most interesting investment opportunities for those patient enough to understand what's truly happening beneath the surface. The altcoin rotation may still come but perhaps triggered by different catalysts than we've seen before.