On-chain data adds nuance. Bitcoin's circulating supply of 20.06M BTC hasn't changed since the genesis block; no unlocks, no inflation surprises. The stability is structural. Meanwhile, Ethereum's staking ratio above 28% and layer-2 token unlocks through Q3 create persistent sell pressure that Bitcoin simply doesn't face.

• Altcoin perpetual funding rates turned negative across 14 of the top 20 non-BTC contracts, revealing speculative positioning favoring Bitcoin exposure over altcoin leverage.

Q: Why is Bitcoin dominance rising while price falls?

Q: What would trigger a genuine altcoin rotation?

A: A sustained break of Bitcoin's $62K support with rising altcoin volume, positive altcoin perp funding, and stablecoin supply expansion above $165B would signal fresh capital entering the altcoin complex rather than defensive Bitcoin positioning.