Market watchers like FxPro analyst Alex Kuptsikevich have noticed a recent shift in the cryptocurrency market. Kuptsikevich told CoinDesk that Bitcoin (CRYPTO: BTC) investors are moving some of their assets into altcoins such as Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).
At the same time, he concedes that the Bitcoin sales could be an early sign of the next crypto winter. So what's next for crypto investors -- another sectorwide selloff, or just a rebalancing of crypto investors' cash?
Kuptsikevich based his analysis on the retreating Bitcoin price. As I'm writing this on the evening of Aug. 26, the largest crypto name has backed down 9.7% from its recent all-time peak. More specifically, Bitcoin is down 6% in the past 30 days while Ethereum gained 20.9% and Solana posted a milder 5.3% gain.
The crypto-market tenor extends to exchange-traded funds (ETFs) in the sector. The leading iShares Ethereum Trust (NASDAQ: ETHA) has seen asset inflows of 25.5% in the last month, but the iShares Bitcoin Trust (NASDAQ: IBIT) sister fund only grew its asset portfolio by 1%.
Bitcoin's dominance over the crypto market rose steadily from December 2022 to July 2025, topping out with Bitcoin's market value being nearly 65% of the total crypto market. Since then, the dominance metric has dipped to a still-impressive 57%. Bitcoin remains the king of the hill, but its iron grip over the crypto sector is growing a little weaker.