THE EVOLUTION OF BITCOIN.

🚀 The chart shows a bullish Bitcoin, surpassing $107,000. But unlike previous cycles, we notice a different phenomenon: while $BTC scales, altcoins do not reflect the same bullish correlation.

This behavior, although "strange", is not a break from the system, but rather a sign of an evolution in the Bitcoin market. We are experiencing a phase of Bitcoin Dominance due to the influence of spot Bitcoin ETFs.

Recent reports, such as those from CryptoQuant, confirm that activity on the Bitcoin network (on-chain) has fallen to 4-year lows. Paradoxically, the price is skyrocketing. This is because a significant portion of the demand now comes from large investors and institutions accessing BTC through ETFs, without the need to interact directly with the blockchain. It is no longer just about transactions between individual users; ETFs allow massive exposure without moving coins on-chain.

This change redefines how Bitcoin is managed. Its price no longer solely depends on on-chain activity but also on institutional capital flows through these financial vehicles.

What is the impact on altcoins? Currently, they are in a "Bitcoin Season". Capital is focused on the King, leaving them lagging behind. However, history teaches us that this phase is just the prelude. Once Bitcoin consolidates its position and flows stabilize, interest and capital will rotate towards altcoins, driving their own "Altcoin Season".

This new paradigm demands a deeper understanding: Bitcoin is maturing as an investment asset, and its dynamics are becoming more complex. Patience and analysis are more important than ever.

Do you think ETFs will change the way we analyze the cryptocurrency market?