Looking at Bitcoin breaking through $120,000 and Ethereum re-establishing above $4,000, many people open their altcoin accounts only to find silence. This is not an isolated case — this round of market movement is like a silent show of divergence, with only Bitcoin and Ethereum remaining on stage.

If you've experienced previous bull markets, you must remember the pattern: Bitcoin moves first, Ethereum follows, then various altcoins collectively take off. The script for 2025 has completely failed, replaced by a cold "binary divergence."

**The turning point occurred in early 2024**

The approval of Bitcoin spot ETFs in the US seems like just a policy move, but in reality, it opened the door for traditional finance to enter the crypto market. The data speaks: just Bitcoin ETF funds attracted over $15 billion in net inflows in 2025. What does this mean? It’s a huge incremental capital.

But the key issue is — this money didn’t splash around as in the past, cascading down into altcoins. Instead, it’s circulating between Bitcoin and Ethereum, forming a self-playing loop.

**Numbers tell the truth**

Bitcoin’s share of the total crypto market capitalization has soared to around 60%, a rare high in recent years. Meanwhile, most altcoins have fallen 80-95% from their 2021 peaks. This isn’t market volatility — it’s structural divergence.

Institutional funds have entered, but the power to choose is held by a few "safe havens." BTC and ETH have become recognized safe assets by institutions, while those once-glamorous altcoins? They are ruthlessly filtered out by tangible hands. This is the true face of the crypto market in 2025 — big money only plays with the top players, and retail opportunities? You might need to rethink where they are.