Bitcoin reached an all-time high of $123,054, a 65% climb from its April low, before entering a sideways range between $116,000 and $120,000.
Such dominance contractions without a concurrent BTC sell-off have historically marked the onset of altcoin-led phases.
Despite losing relative share, Bitcoin still trades above the cost basis of 95% of coins in circulation.
Long-term holders have shifted to net distribution, transferring coins to shorter-term wallets, ETFs, and retail entrants.
The spot price now sits just below the short-term holder band near $120,000, a level that historically attracts profit-taking. The next statistical resistance lies near $136,000.
This structure leaves Bitcoin fundamentally firm yet more reactive to dips, while altcoins capture incremental flows.
Market mechanics suggest a baton pass rather than a reversal. Bitcoin’s consolidation above realized cost maintains a supportive floor, but relative momentum rests with altcoins as capital rotates.
Whether the rotation endures will rely on continued spot demand for Bitcoin and sustained liquidity in large-cap tokens.
For now, performance dispersion defines the landscape, with altcoins setting the pace while Bitcoin digests earlier gains.
