Top-10 / big caps are still running the show. The Top-10 line stayed high all year and is still near the upper range → most of the money is sitting in BTC + majors. Top-50 & Top-100 dominance have been grinding higher too → capital is concentrating in larger names, not leaking into small caps. the market is still defensive. People would rather sit in BTC, ETH and a few strong L1s than chase degen microcaps. What I’d expect next: As long as BTC is volatile, this “big caps > small caps” pattern likely continues. A real altseason only starts when: BTC cools into a range Until those signals show up, treat this as a majors-led market with selective alt plays, not “everything goes up” altseason.(CyrilXBT)