The recent rise in Bitcoin’s market dominance stems not from its own inherent strength, but rather from a concentration of capital and widespread weakness among altcoins. Approximately 75%–80% of the top 50 altcoins have declined; this, combined with a liquidity crunch—marked by a roughly 20% drop in total market capitalization and a 40% decline in trading volume on centralized exchanges—has caused capital to flow increasingly toward Bitcoin. Spot Bitcoin ETFs have attracted institutional capital, while the prevailing macro environment (characterized by a strong U.S. dollar and high interest rates) and supply constraints following the halving event have further solidified Bitcoin’s position. In the short term, Bitcoin’s dominance is likely to remain elevated; as a broad altcoin rally has yet to materialize, investors should continue to overweight Bitcoin while taking a selective approach to establishing positions in other cryptocurrencies.