According to Miles Deutscher, $BTC dominance of total open interest has been increasing since December, indicating that speculative capital is currently favoring Bitcoin over altcoins, reflecting a risk-off sentiment in the market.

According to Miles Deutscher, the launch of Pump Fun is directly correlated with the decline in the altcoin market relative to Bitcoin. The absence of a significant 'alt season' is attributed to speculative capital that traditionally flowed into top 200 altcoin assets now being redirected elsewhere.