Bybit x Block Scholes Quarterly Report: Altcoin season coming? Bitcoin becomes the preferred vehicle for regulated exposure despite the ups and downs of altcoins

Key Highlights:

Our latest quarterly report highlights a notable deviation from historical crypto market cycles: Bitcoin’s sustained dominance — despite multiple all-time highs — hasn’t triggered a traditional altseason. 

During previous post-halving rallies, capital has typically rotated into altcoins as traders have sought higher beta exposure. However, in the current cycle, BTC dominance remains elevated, and altcoins have struggled to outperform meaningfully. This shift is largely attributed to the growing influence of institutional investors. With ETFs, corporate treasuries and asset managers entering the space, Bitcoin has become a preferred vehicle for regulated exposure.