Looking at the recent market, there is a very interesting phenomenon. Bitcoin is being driven to new highs by institutional funds, while the vast majority of altcoins are still curled up on the floor. This disconnect is becoming increasingly obvious.

Data speaks for itself—Bitcoin's market cap share has surged to around 60% for the first time in two years, a rare occurrence in recent years. Spot ETFs have brought in a large amount of institutional capital, and they only recognize Bitcoin, ignoring altcoins altogether. Some institutions openly state in their annual reports that the crypto market has experienced "class solidification," with Bitcoin regarded as digital gold, while altcoins are trapped in liquidity crises.

But there's a nuance here—long-term market suppression often means a more vigorous rebound. When Bitcoin begins to consolidate sideways from high levels, those altcoin sectors that have been frozen for a long time are likely to erupt collectively. Capital flows like water to the lowest point, and currently, the altcoin market has undoubtedly become the driest riverbed.

There is also a technical suppression factor before the end of the year: institutions, to realize losses and optimize taxes, are clearing out their losing altcoin positions. However, such sell-offs often signal a bottom when they reach a certain level.

History tends to rhyme, even if it doesn't repeat exactly. How long can Bitcoin's excess performance in 2025 last? Once institutions complete their allocations and market sentiment shifts from extreme polarization to balance, the show for altcoins may finally begin.