In the current cryptography for advisors, Gregory Mall, Investment Director of Lionsoul Global, writes about Bitcoin’s current rally, and how Historically has and could impact Altcoins.
Then, Kevin Tam analyzes cryptographic trends, 13-F presentations and institutional adoption in Ask an expert.
– Sarah Morton
Bitcoin’s rupture: Is the Altcoin Rally the next?
On May 22, Bitcoin (BTC) marked a historical moment, reaching a new historical maximum, briefly exceeding the levels observed earlier this year. Although prices have been consolidated since then, BTC remains at a surprising distance from its historical maximum, a feat achieved despite persistent macro uncertainties, low negotiation volumes and general skepticism of the market.
Meanwhile, most of the alternatives remain far from their respective maximums of all time. At the beginning of June, Ethereum (ETH) is still around 20% below its November 2021, and Solana (Sol) is more than 30% below its previous maximums. This divergence highlights what some market observers call the “most hated rally”, a silent and low participation in Bitcoin that took many offices.
What promoted the BTC rally?
Three key factors contributed to the recent BTC rupture:
Optimism of the Central Bank: Future markets suggest that Federal Reserve rates cuts are probably in the second half of 2025, with the eurozone even later, now in its seventh cuts of consecutive rates. This backdrop that recounts it has revived risk appetite among assets, particularly among institutional assignments. With rate fears in the rearview mirror, the general inflation perspective has improved significantly in recent weeks.
Institutional entries: Spot Bitcoin ETF, approved earlier this year, continue to absorb flows. While daily volumes have decreased since the maximum of the launch week, the net inputs have been consistently positive, particularly of RIA sensitive to the rates and channels of private wealth. Year to date, cumulative tickets exceed $ 16 billion, and May records the largest entry of this year. At the same time, Microstrategy and other companies have continued to accumulate corporate treasure assets in Bitcoin.
Relieve political risks: The fading of tariff tensions and the improvement of global commercial feeling helped stabilize larger markets, allowing risk assets such as Bitcoin to resume their upward trend.
Despite these winds, the rally occurred in relatively thin volumes.
BTC increasing domain, but the rhyme history
The Bitcoin domain, the total percentage of cryptographic market composed of BTC, has now risen above 54%, compared to approximately 38% at the end of 2022. Historically, the BTC domain reaches its maximum point before the Altcoins begin to overcome. During the 2017 and 2021 cycles, Altcoin’s demonstrations delayed the maximum of all BTC times for two to six months.
Source: TrainingView
If the story is maintained, Bitcoin’s rotation to Altcoins can already be underway. Ether’s recent higher performance, publishing an 81% rally since its April minimum, is a sign that the feeling is beginning to spill from Bitcoin to the Altcoin market.
The Altcoin season ahead?
While the term “Altseon” season often throws carefully, there are some real indicators that are worth seeing:
Institutional extension: The assigners who entered BTC through ETF are now evaluating a broader exposure. Beta or intelligent beta indices that offer a diversified exposure to the tokens of the 1s, Defi layer and the infrastructure are gaining traction.
L1 Innovation and narrative cycles: The ecosystems of layer 1 as Solana, Avalanche and close continue to develop real performance improvements, which are increasingly relevant such as the user’s demand for the yields of activities in the chain.
Defi resurgence: At the beginning of June 2025, the total value blocked in the DEFI protocols has exceeded $ 117 billion, marking a significant recovery of the April fall. According to defill, the total value blocked in all Defi groups has increased by 31% since its April minimum.
Risk rotation: In traditional markets, as the mature upward market, investors revolve from large caps to small/media. Crypto is no different. Bitcoin can be the starting point, but not the end.
A word of caution
Although there are important diversification benefits associated with cryptographic investment, it is also fair to say that cryptography is still behaving largely as a class of risk assets. As highlighted by the latest OECD report, the global economic landscape is becoming increasingly fragile. The greatest commercial restrictions, the strictest credit conditions, the decrease in business and consumer trust, and the persistent uncertainty of politics are weighing the growth prospects and increasing the risks of a sale of speculative assets that include cryptography.
Takeways for advisors
Wait rotation: If previous cycles are a guide, the Altcoins can delay BTC but tend to meet with a delay. The advisors should consider this by rebuilding the portfolios.
Diversification is important: Cryptography baskets of equal weight or thematic exhibitions (eg, layer 1s, defi) can help capture up without betting in a single asset.
Stay objective: Although the price action often drives the interest of the client, the foundations, from the network activity to the developer’s impulse, must continue to be the northern star for allocation decisions.
The new maximum of all Bitcoin’s time is undoubtedly a milestone. However, it can also be a signal: the next phase of the cycle could belong to the broader cryptographic assets class. The advisors who understand the time and mechanics of market rotations are better positioned to guide customers through the next stage.
Discharge of legal responsibility: The information presented, shown or proportionate in another way is only for educational purposes and should not be interpreted as investment, legal or fiscal advice, or an offer to sell or an application of an offer to buy any interest 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 customers and global Lionsoul advisors, since they can be modified occasionally.
– Gregory Mall, Investment Director, Lionsoul Global
Ask an expert
Q: A year in the trend, how are Canadian banks and pension funds approaching Bitcoin?
TO: This recent presentation of quarters 13F reveals that Trans-Canada capital based in Montreal has made notable investments in digital assets. They manage pension assets for Air Canada, as one of the largest corporate pension plans in Canada. The pension fund added $ 55 million in Spot Bitcoin ETF.
The institutional adoption of Bitcoin has accelerated during the past year, promoted by a clearer regulatory orientation, the launch of ETF SPOT and the increase in Bitcoin’s recognition as a strategic asset. Annex 1 banks in Canada have more than $ 137 million in negotiated funds in Bitcoin Exchange, underlining the growing institutional demand and long -term positioning.
Q: How could institutional accumulation affect the dynamics of the Bitcoin market?
TO: Last year, ETFS bought approximately 500,000 Bitcoin, while the RED produced 164,250 new bitcoins through its work test consensus. This means that ETF’s demand was three times greater than the newly minted supply. In addition, public and private corporations bought 250,000 bitcoin. As governments consider including Bitcoin in their strategic reserve, other entities are exploring Bitcoin to their corporate treasure.
Q: How will the Financial Behavior Authority accelerate (FCA) the retail access to the notes quoted in cryptocurrency exchange (ETN) in the United Kingdom?
TO: This is an important moment for cryptographic products in the retail market as a class of assets that reflects a broader change in the regulatory position of the United Kingdom towards digital assets. It is a complete reversal of a 2020 decision when the FCA prohibited cryptocurrency exchange notes. The ETNs must be negotiated in an investment exchange approved by the FCA. The United Kingdom is changing its cryptography approach as the government seeks to grow the economy and support a digital asset industry. They are sending a strong signal to institutional investors that the United Kingdom is positioning as a competitor in the global cryptography market.
– Kevin Tam
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