BTC market share has risen to 64.86%, briefly surpassing the 65% mark. According to CoinAnk data, Bitcoin's market share has reached a high not seen in over four years, marking a new peak since early 2021. The current cryptocurrency market is in a phase of structural differentiation: mainstream capital continues to gather around Bitcoin, while the altcoin market shows signs of liquidity contraction. Observing historical cycles, Bitcoin's market share breaking 70% in 2019 and 2021 both triggered a widespread rally in crypto assets. In November 2021, when the market share surpassed 60%, it also triggered a small bull market in altcoins. This pattern of 'Bitcoin leading the breakout - capital overflowing into altcoins' essentially reflects a gradual shift of investors from risk-averse allocation to risk appetite.

The current market displays three significant characteristics: first, institutional investors' continuous inflow through compliant channels such as ETFs has reinforced Bitcoin's 'digital gold' attribute; second, macroeconomic fluctuations have prompted capital to concentrate on high liquidity assets, with altcoins facing greater selling pressure due to low liquidity and high volatility; third, regulatory expectations regarding the classification management of crypto assets have allowed Bitcoin, which possesses clear commodity attributes, to gain more compliance premium. If we refer to historical capital transmission pathways, if Bitcoin's market share can gently pull back after consolidating at high levels, it may trigger a three-stage recovery in the altcoin market: initially flowing into high consensus assets such as ETH and SOL, then spreading to Meme coins and AI concept sectors in the mid-term, and finally leading to a reevaluation of the value of the DeFi ecosystem. It is noteworthy that signs of a relaxation in the U.S. SEC's regulatory stance may inject new variables into the market, but the overall recovery of altcoins still requires a liquidity overflow signal after Bitcoin breaks through key resistance levels.