Alts can still pump despite bearish market and lack of new inflows. But this comes at the expense of outflows from BTC and ETH. As more crypto natives get disillusioned with ETH and sell it, like Bankless's David Hoffman, they rotate to alts with revenue or PMF narratives behind them. The beauty is that selling $1m of ETH and buying $1m of ZEC or NEAR has disproportionate price impact. Small cap, big move. I think this is what has been happening in crypto recently. And if select alts create new rags to riches stories, that brings attention back to crypto. Which could attract new capital and eventually flow back to ETH and BTC. This rotation is a healthy self-correcting mechanism. An alt season could actually lead to a bull run for majors. Those who were during DeFi summer will remember that at first only alts were pumping while ETH was stagnant. Only when the DeFi summer created FOMO beyond crypto circles is when the full blown out bull run started. So there's not enough inflows to pump the whole market now. We just need a few alts to continue outperforming to keep degen spirits alive.(Ignas | DeFi)