Speaking from my personal perspective, the current BTC cannot really be considered as vampiric, as ALT (altcoins) are not providing any blood to BTC. Investors holding ALT are unlikely to reduce their positions to hold BTC under these circumstances. Furthermore, data shows that positions in spot ETFs are significantly increasing, and these users are not native crypto investors.
Moreover, looking at the recent performance of ALT, with Trump's rise to power and the Federal Reserve's second interest rate cut, investors' risk appetite is increasing. A large number of investors are betting that Q4 of this year and Q1 of next year will bring a season for altcoins, which has, in turn, increased investment in ALT.
For #BTC, as well as #ETH and #SOL, what is even more anticipated is the push from the policy level. For BTC and ETH, the expectation is the implementation of FASB and SAB121, while ETH can also look forward to staking with a spot ETF, and SOL can anticipate benefits through the spot ETF. These could be considered expected positives.
Of course, platform tokens like #BNB are different. If a season for altcoins does come, it would actually be the best for platform tokens, as any opening of LaunchPool would mean free money. For other ALTs, one can expect the passing of FIT21 and more active liquidity, so as long as there are no black swan events, Q4 of this year and Q1 of next year are both to be anticipated.
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