The wealth effect last cycle came from BTC OGs, ETH ICO whales, and DeFi Summer maxis. Profits flowed down the risk curve, from majors to mid caps to small caps, fueling the Altseason we all remember But there’s a big shift in capital flow this cycle Last cycle, there weren’t that many altcoins. So liquidity could rotate through nearly every major token, with each hitting new ATHs in turn. It was a tide that lifted all boats This cycle is different Institutions are the new players. They made their bags from $BTC ETF hype and $CRCL. But instead of rotating into altcoins, they rotated profits into Bitcoin stocks crypto stocks. $COIN. $MSTR. $NAKA. $HOOD. $BMNR and a few more With only a few publicly listed names offering crypto exposure, liquidity gets concentrated. Each of these stocks has gone parabolic, printing ATH after ATH. This might be the Altseason. Just not on-chain with CT sidelined We are witnessing a new kind of wealth effect, fueled not by retail altcoin rotation, but institutional flows into crypto equities How long it lasts? No one knows. But watching capital flow in real time, offchain this time, is fascinating