Bitcoin’s new all-time high is both a milestone and potential signal: the next phase may belong to the broader crypto asset universe.

In today’s Crypto for Advisors, <a href="https://www.linkedin.com/in/gregory-mall-cfa-frm-211338137/" rel="nofollow">Gregory Mall</a>, chief investment officer from Lionsoul Global, writes about bitcoin’s current rally, and how it historically has and could potentially impact altcoins.Then, <a href="https://www.linkedin.com/in/kevin-tam-cim%C2%AEfcsi%C2%AE-533001230/" rel="nofollow">Kevin Tam</a> looks at crypto trends, 13-F filings and institutional adoption in Ask an Expert.– <a href="https://www.coindesk.com/author/sarah-morton" rel="nofollow">Sarah Morton</a><div>Unknown block type "divider", specify a component for it in the `components.types` option</div><h3>Bitcoin's Breakout — Is the Altcoin Rally Next?</h3>On May 22, bitcoin (BTC) marked a historic moment, reaching a new all-time high, briefly surpassing the levels seen earlier this year. While prices have since consolidated, BTC remains within striking distance of its all-time high — a feat achieved despite lingering macro uncertainties, low trading volumes, and general market skepticism.Meanwhile, most altcoins remain far from their respective all-time highs. As of early June, Ethereum (ETH) is still about 20% below its November 2021 peak, and Solana (SOL) sits more than 30% below its former highs. This divergence highlights what some market observers are calling the "most hated rally"—a quiet, low-participation surge in bitcoin that caught many off guard.What Drove the BTC Rally?Three key factors contributed to the recent BTC breakout:Central Bank Optimism: Futures markets suggest that rate cuts from the Federal Reserve are likely in the second half of 2025, with the eurozone even further ahead—now on its seventh consecutive rate cut. This easing backdrop has revived risk appetite across assets, particularly among institutional allocators. With tariff fears in the rearview mirror, the overall inflationary outlook has significantly improved in recent weeks.Institutional Inflows: Spot bitcoin ETFs, approved earlier this year, continue to absorb flows. While daily volumes have tapered from launch-week highs, net inflows have remained consistently positive, particularly from fee-sensitive RIA and private wealth channels. Year to date, cumulative inflows exceed $16 billion, with May recording the largest inflow this year. At the same time, MicroStrategy and other companies have continued to pile corporate treasury assets into bitcoin.Easing Political Risks: Fading tariff tensions and improving global trade sentiment helped stabilize broader markets, allowing risk assets like bitcoin to resume their upward trend.Despite these tailwinds, the rally occurred on relatively thin volumes.BTC Dominance Rising — But History RhymesBitcoin dominance — the percentage of total crypto market cap made up by BTC — has now climbed above 54%, up from about 38% in late 2022. Historically, BTC dominance peaks before altcoins begin to outperform. During the 2017 and 2021 cycles, altcoin rallies lagged the BTC all-time highs by two to six months.<img src="https://static.fwimg.io/img/feed/60524b1b2f3ca2c546046add2a9ed8e6.jpg" alt="Bitcoin Dominance Rising Chart" title="Bitcoin Dominance Rising">Source: <a href="https://www.tradingview.com/markets/cryptocurrencies/dominance/" rel="nofollow">TradingView</a>If history holds, the rotation from bitcoin into altcoins may already be underway. ether's recent outperformance — posting an 81% rally since its April lows — is a sign that sentiment is starting to spill over from bitcoin to the altcoin market.Altcoin Season Ahead?While the term "altseason" is often thrown around carelessly, there are some real indicators worth watching:Institutional Broadening: Allocators who entered BTC via ETFs are now evaluating broader exposure. Equal-weight or smart beta indexes that offer diversified exposure to Layer 1s, DeFi, and infrastructure tokens are gaining traction.L1 Innovation and Narrative Cycles: Layer 1 ecosystems like Solana, Avalanche, and Near continue to develop real throughput improvements, which are increasingly relevant as user demand for on-chain activity returns.DeFi Resurgence: As of early June 2025, the total value locked in DeFi protocols has surpassed $117 billion, marking a significant recovery from the April slump. According to DeFiLlama, the total value locked across all DeFi pools has increased by 31% since its April lows.Risk Rotation: In traditional markets, as the bull market matures, investors rotate from large caps to small/mid caps. Crypto is no different. Bitcoin may be the starting point, but not the end.A Word of CautionAlthough there are significant diversification benefits associated with crypto investing, it is also fair to say that crypto is still behaving largely as a risk-on asset class. As highlighted by the latest OECD report, the global economic landscape is becoming increasingly fragile. Heightened trade restrictions, tighter credit conditions, declining business and consumer confidence, and persistent policy uncertainty are all weighing on growth prospects and increasing the risks of a sell-off of speculative assets that includes crypto.Key Takeaways for AdvisorsExpect Rotation: If prior cycles are a guide, altcoins may lag BTC but tend to rally with a delay. Advisors should consider this when rebalancing portfolios.Diversification Matters: Equal-weight crypto baskets or thematic exposures (e.g., Layer 1s, DeFi) may help capture upside without betting on a single asset.Stay Objective: While price action often drives client interest, fundamentals — from network activity to developer momentum — should remain the north star for allocation decisions.Bitcoin's new all-time high is certainly a milestone. However, it may also be a signal: the next phase of the cycle could belong to the broader crypto asset class. Advisors who understand the timing and mechanics of market rotations are best positioned to guide clients through the next leg.Legal Disclaimer: Information presented, displayed, or otherwise provided is for educational purposes only and should not be construed as investment, legal, or tax advice, or an offer to sell or a solicitation of an offer to buy any interests in a fund or other investment product. Access to the products and services of Lionsoul Global Advisors is subject to eligibility requirements and the definitive terms of documents between potential clients and Lionsoul Global Advisors, as they may be amended from time to time.- <a href="https://www.coindesk.com/author/gregory-mall" rel="nofollow">Gregory Mall, Chief Investment Officer, Lionsoul Global</a><div>Unknown block type "divider", specify a component for it in the `components.types` option</div><h3>Ask an Expert</h3>Q: One year into the trend, how are Canadian banks and pension funds approaching bitcoin?A: This recent quarters 13F filing reveal that Montreal based Trans-Canada Capital has made notable investments in digital assets. They manage the pension assets for Air Canada, as one of the largest corporate pensions plans Canada. The pension fund added $55 million in spot bitcoin ETF.<img src="https://static.fwimg.io/img/feed/cef6dda741c4158947d9605979976453.jpg" alt="Canadian pension funds chart" title="Canadian pension funds">Institutional adoption of bitcoin has accelerated over the past year, driven by clearer regulatory guidance, the launch of spot ETFs and increasing recognition of bitcoin as a strategic asset. Schedule 1 banks in Canada are holding more than $137 million in bitcoin exchange traded funds, underscoring growing institutional demand and long-term positioning.<img src="https://static.fwimg.io/img/feed/605a3eed580af180b1cc72e37effd236.jpg" alt="Canadian banks spot bitcoin ETF value chart" title="Canadian banks spot bitcoin ETF value">Q: How might institutional accumulation affect bitcoin’s market dynamic?A: Last year ETFs bought approximately 500,000 bitcoin, while the network produced 164,250 new bitcoins through its proof of work consensus. This means ETF demand alone was three times higher than the newly minted supply. Additionally, public and private corporations purchased 250,000 bitcoin. As governments consider including bitcoin in their strategic reserve, other entities are exploring <a href="https://www.fidelitydigitalassets.com/research-and-insights/adding-bitcoin-corporate-treasury" rel="nofollow">adding bitcoin to their corporate treasury</a>.Q: How will the Financial Conduct Authority (FCA) greenlighting retail access to crypto exchange-traded notes (ETNs) in the UK accelerate the retail &amp; institutional adoption?A: This marks an important moment for in crypto products in the retail market as asset class that reflects a broader shift in <a href="https://www.fca.org.uk/news/press-releases/fca-lift-ban-crypto-exchange-traded-notes" rel="nofollow">the UK’s regulatory</a> stance toward digital assets. It is a complete reversal from a 2020 decision when the FCA banned crypto exchange trades notes. ETNs will need to be traded on an FCA-approved investment exchanges. The UK is shifting its approach to crypto as the government seeks to grow the economy and support a digital assets industry. They are sending a strong signal to institutional investors that the UK is positioning itself as a competitor player in the global crypto market.- <a href="https://www.linkedin.com/in/kevin-tam-cim%C2%AEfcsi%C2%AE-533001230/" rel="nofollow">Kevin Tam</a><div>Unknown block type "divider", specify a component for it in the `components.types` option</div><h3>Keep Reading</h3><ul><li>The <a href="https://etfexpress.com/2025/06/06/global-digital-assets-may-2025-in-review/" rel="nofollow">Digital Asset Month in Review</a> for May provides highlights and insights on global crypto ETFs/ETPs. By <a href="https://www.linkedin.com/in/joshua-de-vos/" rel="nofollow">Joshua de Vos</a> of CoinDesk, in partnership with <a href="https://www.linkedin.com/company/etf-express/" rel="nofollow">ETF Express</a> and <a href="https://www.linkedin.com/company/trackinsight/" rel="nofollow">Trackinsight</a>.</li><li>Unlike many U.S. States that are creating crypto friendly laws, <a href="https://x.com/BitcoinNewsCom/status/1932555720710299950?t=2dy5Z7BDOaetXWw13NXUIw&amp;s=08" rel="nofollow">Connecticut says NO</a>, with the recent bill HB702 that bans the state accepting or investing in crypto.</li><li>For the first time ever, the price of bitcoin has stayed <a href="https://x.com/BitcoinMagazine/status/1932491173035114611?t=v_U2Y8Qbh262nVMr0w51zw&amp;s=08" rel="nofollow">over $100,000</a> for 30-days, marking a new milestone for the cryptocurrency.</li></ul>

Crypto for Advisors: The Relationship Between Bitcoin and Altcoins

比特幣的新歷史高點既是一個里程碑，也是一個潛在訊號：下一個階段可能屬於更廣泛的加密資產領域。

在今天的加密貨幣顧問專欄中，<a href="https://www.linkedin.com/in/gregory-mall-cfa-frm-211338137/" rel="nofollow">Gregory Mall</a>，來自Lionsoul Global的首席投資官，撰文討論比特幣當前的拉力賽，以及它歷史上和潛在的對山寨幣的影響。隨後，<a href="https://www.linkedin.com/in/kevin-tam-cim%C2%AEfcsi%C2%AE-533001230/" rel="nofollow">Kevin Tam</a>在"專家問答"欄目中探討加密貨幣趨勢、13-F檔案和機構採用情況。– <a href="https://www.coindesk.com/author/sarah-morton" rel="nofollow">Sarah Morton</a><div>Unknown block type "divider", specify a component for it in the `components.types` option</div><h3>比特幣的突破 — 山寨幣的拉力賽即將到來？</h3>

[以下為全文翻譯，保留了原文的所有格式和連結]

加密貨幣顧問：比特幣與山寨幣的關係

我們今天看到黃金、白銀、鈀金同步創下新高！目前黃金自從 10 月底修正以來，踩在三日線的 25~35 均線帶上面；白銀則是沿著四小時均線上漲；鈀金沿著三日線均線上漲。
同步性： 這種“同步新高”通常意味著大級別的趨勢啟動。黃金提供“穩定性”，白銀提供“彈性”，而鈀金的加入則意味著工業與投資需求的雙重爆發。
在這樣明顯的上漲趨勢中，量能並未明顯減弱且未出現任何空頭結構。不要想著摸頂做空，否則會變成“...

行情分析丨黃金 銀 鈀金新高!能漲到多少!?!?!?

又一起“地址投毒”事件，導致一名用戶損失5000萬鎂。圖片來源：Techradar
這次襲擊令人震驚。
一名加密貨幣用戶誤將近 5000 萬鎂資產轉入……

又一起“地址投毒”事件，導致一名用戶損失了 5000 萬鎂。

目前美股日線來看，如果我們認為行情要轉為空頭趨勢，必須看到兩個關鍵信號才能確認。
- 跌破關鍵支撐： 三大指數必須跌破紅線位。
- 結構性反轉： 趨勢上必須出現更低的高點（Lower High）和更低的低點（Lower Low）。
目前整體仍處於上升趨勢當中，但由於尚未創出更高的高點，所以從 10 月 30 日至今，本質上都處於盤整階段。
從 Market Pulse 的數據來看，指數正處在 50...