The biggest misunderstanding of this bull market: thinking it's retail investors taking over. Actually, it's massive turnover between Crypto Natives and institutional capital. Institutional money is 'long-term money,' but it comes with an implicit cost: BTC has become a magnifier of macro liquidity. 2026 will continue this trend, with BTC further financializing upwards, while alts will struggle to get a share of this capital. The real test for alts is just beginning.