The structure of the broader market tells a more specific story than the headline price alone.

The on-chain base is stable. Bitcoin's circulating supply stands at 20.06 million tokens, unchanged from its capped trajectory since genesis on January 3, 2009. There is no supply-side pressure amplifying the price move; the signal is entirely demand-side and sentiment-driven. This is a meaningful distinction for traders interpreting momentum: when supply is static, any price change is purely a function of willingness to hold at current levels. It also means the familiar narratives around miner selling, exchange inflows, or large-holder distribution do not apply here. The move is being made by marginal buyers and sellers at the order-book level, not by structural shifts in availability.

The on-chain supply picture reinforces this interpretation. At 20.06 million BTC, supply is unchanged. No newly mined coins are being dumped on exchanges; no dormant wallets have awakened. The price action is entirely a demand-side phenomenon, which means that any sustained move will require either fresh fiat inflows or a reallocation from other crypto assets. The dominance signal suggests the second channel is already underway. The open question is whether this rotation has room to run, or whether Bitcoin's dominance has peaked for this cycle and capital will eventually cycle back into altcoins as it has in prior episodes. The answer depends on whether the regulatory environment continues to favor Bitcoin disproportionately.