The panic index remains at 12, and market sentiment has not further deteriorated, but Bitcoin's market share has fallen 4.85% over the past 10 days, while altcoin market share has increased by 14.68% during the same period.

This is not a simple rotation. Bitcoin has dropped below $63k, mining shutdown coins have been broken through in price, Mt. Gox is still sporadically selling, and institutions like Abraxas Capital have reduced their BTC holdings by 2,469 coins in one day—selling pressure is real. But altcoins are actually rising, with HYPE prices even surpassing SOL.
Funds have not left the crypto market but are reallocating internally. The panic index has not hit a new low, indicating that the sell-off is not systemic panic but more of a structural position shift: leveraged longs are being liquidated on ETH, whales are borrowing USDT to bottom fish, yet venture capital trading volume has hit a five-year low.
The risk is that the rise in altcoins lacks liquidity support. If Bitcoin continues to decline, altcoin gains could quickly be reversed. Currently, this looks more like a short-term rebalancing within a stockpile game rather than a trend reversal.
$btc #hype #sol #eth #usdt