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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.