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Every bull run seems to end with the same rhyme: BTC leads, ETH follows, and then Alts season.
This round starts with BTC ETF, then ETH ETF, and then Alts ETF.
Then there are various shell companies in the crypto reserve sector: MSTR which reserves BTC, followed by BMNR and SBET which reserve ETH, and now STSS and FORD which are starting to reserve SOL.
MSTR has begun to diverge from BTC's trend, with mNAV continuing to decline, and SBET's mNAV has even fallen below 1, remaining under water for several days.
With no more narratives present, the expectation of interest rate cuts has been fully priced in. I believe this round of the cycle is close to an end, and we can't continue playing.
Of course, this may be the last dance now. Alts might take off for a moment, but I choose to almost liquidate my positions and not participate anymore. Now I'm just watching for pure arbitrage.