Bitcoin dominance has been grinding higher while most alts stay under pressure.

It’s usually what you see when liquidity tightens and people just stick to $BTC instead of reaching down the risk curve.
We’ve seen this kind of phase before where everything narrows up first before rotation eventually kicks in.
Only real difference this cycle is ETFs. That steady institutional flow into BTC can keep dominance elevated longer than what we’re used to in past cycles.
Right now it just feels like concentration, not a broad market.
Main things I’m watching are dominance levels, ETF inflows, and funding.
Those usually give a cleaner read on when things start loosening up again for alts.