Against the backdrop of Bitcoin's rise to a new all-time high above $111,000, altcoins are behaving cautiously — the dominance index has risen again from 62% to 64%. Presto Research analyst Min Jong is confident that Bitcoin's surge is primarily driven by asset accumulation by companies like Strategy, Metaplanet, and Twenty One Capital. Unlike previous bull rallies, this time the driving force is institutional and long-term capital, rather than retail investor speculation. This viewpoint is supported by the dynamics of inflows into spot Bitcoin ETFs for the incomplete month of May — $4.2 billion, compared to ~$3 billion in April. Investors are also showing significant interest in derivatives — the volume of open positions in futures and options has reached historical highs.

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