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Capital Rotation Is the Real Story
Instead of a broad altcoin season, we’re seeing selective capital rotation:
Funds rotate into “defensive crypto” assets (BTC, ETH, tokenized gold).
Some speculative altcoins are being abandoned, with sharp drawdowns in low-liquidity names.
This signals risk discrimination, not risk-on mania.
This is a healthy sign for long-term structure, even if it feels boring short-term.
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