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$BTC is leading. But that alone is not confirmation for the broader market. $BTC still controls liquidity, while $ETH is the test of whether capital is actually broadening or simply staying concentrated in Bitcoin. ◆ BTC holds + ETH catches up → ↗ Broader participation ◆ BTC holds + ETH lags → → Rotation remains narrow Don’t confuse a BTC rally with a broad market rally. The key isn’t who leads — it’s who starts confirming.