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Why There Is No Alt Season in an Institution-Led Bitcoin Cycle

Summary Statement:
This cycle is not behaving differently by accident—it is behaving differently by design. For the first time, institutional investors are the dominant adoption cohort, and institutions do not speculate across narratives or rotate capital into small-cap altcoins. They concentrate capital into preemptive infrastructure: Bitcoin as a store of value, stablecoins for settlement, and a narrow set of smart-contract platforms—primarily Ethereum, with Solana as a supporting execution layer. Because this leading cohort has no interest in NFTs, speculative tokens, or peripheral crypto narratives, capital does not rotate out of Bitcoin the way it did in retail-driven cycles. The result is a structurally different market: no alt season, persistent Bitcoin dominance, and long-term value concentrating in foundational infrastructure rather than fragmented experimentation.