The "profitability unlock" is the most underrated mechanic in this cycle. Loss aversion keeps retail frozen; flipping green triggers FOMO faster than any news catalyst ever could. But the altcoin data tells the real story. 64 of the top 100 still underwater while BTC grinds higher isn't a bull market, it's a Bitcoin dominance regime. Capital rotating into ETFs doesn't mean it's rotating into alts. It means TradFi wants clean exposure without touching onchain risk.
BitMEX shutting down after 11 years is the symbolic end of that era. Derivatives platforms built for degens are dying while regulated wrappers absorb the liquidity. I'm not chasing the $85k print. I'm watching whether ETF inflows persist once the profit-taking wave clears. If they do, we're in a new structural phase. If not, this was just trapped capital recycling itself.
RE: Bitcoin ETFs pull in $1.7B as BTC tops investor cost basis