Bitcoin Dominance vs. Altcoin Liquidity
BTC dominance rising like crazy again. not because of any exploding BTC trade but because altcoin liquidity is evaporating! People are moving their money into BTC as safe beta as traders de-risk in uncertain macro conditions. Check out the recent flows on the blockchain: large stablecoin inflows into BTC pairs; alt pairs witnessing low trading volumes and low order books.
Macro-wise, with tighter liquidity expected and no new catalysts in risks, funds go first to BTC. Until fresh liquidity is injected in the system, altcoin runs up will be short-term in