Why is this bull market considered BTC's bull market, not an altcoin bull market? Is there really a bull market for altcoins?

I've been pondering this question for a while, looking at various opinions from KOLs. Most believe that it's because project teams are cashing out and exploiting investors, with various low liquidity, high valuation tokens repeatedly taking advantage of investors, and exchanges continuously listing new coins, etc.

I don't think these are the main reasons. Personally, I believe that in the last bull market, Grayscale was continuously accumulating altcoins, which fundamentally drove the overall market up. Starting from the second half of 2020, retail investors closely monitored Grayscale's holdings, following suit to buy in and make profits. This surge in sentiment led to the phenomenon in 2021 where numerous altcoins soared together.

Now, let's talk about what 2024 looks like. Various coins listed on exchanges start to experience endless declines, with no institutions or major players stepping in to support altcoins. Retail investors are just facing slow and painful losses, one cut after another. The only one performing decently is SUI, which has tripled since Grayscale announced its position. That's relatively good. Since the approval of BTC's ETF, August 5th could have been a memorial day, but it was held up by the ETF, preventing a drop. As a result, BTC didn't fall much, while altcoins generally dropped several times. If this happens again, can you handle it?

So, my friends, those heavily invested in altcoins should consider reducing their positions, and the allocation must primarily favor BTC.