The macro environment is not exactly easy right now. Funds are likely to be more cautious than before, and the rotation hierarchy still remains concentrated at the top. The altcoin sector still isn’t playing ball—especially under a tightening backdrop—which can be seen from the concurrent price gains and market share metrics.

If this round of BTC’s rally can continue, the path for fund overflow will also be transmitted step by step. Based on the move from the June low, ETH’s gain is nearly 10% higher than BTC’s.

If BTC can hold its ground, subsequent funds will flow into other mainstream altcoins.

But once it breaks below 64k, funds will first pull back from the tail assets with the worst liquidity. In simple terms, the currently weaker assets will be even weaker over the next month.