This market rally is being driven by the strong performance of U.S. stocks, with BTC fully following the upward trend of the stock market, becoming the absolute core of the market. Institutional ETF inflows continue to push the market steadily higher. In contrast, ETH and SOL are showing significantly weaker performance compared to BTC. The independent rally they experienced earlier has completely fizzled out. ETH's weakness is mainly due to ETF outflows, lower institutional allocation priority, and the dispersion of on-chain value, leading to insufficient upward momentum. As for SOL, the decline in ecosystem activity, short-term capital outflows, and the fading of capital clustering effects have caused its performance to consistently lag behind BTC. Sector rotation and divergence are evident. DOGE remains strong, fueled by retail investors piling in, while the privacy coin sector, led by ZEC, is gaining attention and has seen a strong breakout. Looking ahead, as long as U.S. stocks remain strong, BTC is likely to maintain its leading momentum. ETH and SOL are unlikely to break out of their short-term weakness without new catalysts. Short-term capital will continue to focus on trending altcoins, but caution is needed regarding the risk of a broader market pullback if U.S. stocks correct.