If BTC is at a very high level due to large ETF buyers, it goes there and stays (which will probably happen, because ETF funds will not sell off what they bought), retail buyers will not enter BTC, it will be too expensive for them, and how the narrative will be Crypto, retail won't choose what to enter.... I think that's a growth scenario. When gold is unavailable, silver, bronze will be bought...
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Yeah, something similar happened in the previous bull cycles... When BTC was too expensive, people bought altcoins... But, some speculators were trading out of BTC into alts... Now, it could be different as many of that BTC will stay "locked" in ETFs... So, the altcoin run could be lower in volatility than it was before, but we will see...