Bitcoin dipped below $62,000 on June 4, and the timing matters. The move lined up with what analyst CrediBULL Crypto called the first meaningful pullback in BTC dominance in nearly eight months. That shift is now driving fresh chatter about whether markets are setting up for an altcoin-led phase.
The optimism comes with a history lesson. CrediBULL pointed to the 2017 cycle, arguing the biggest altcoin rally started only after Bitcoin had already fallen 50% from its peak, stabilized, and then recovered. In that setup, altcoin market cap tripled off the lows and pushed to new all-time highs.
Charts traders keep pointing to
CrediBULL’s current argument is that a similar “structure” is forming again. He flagged that Bitcoin is now trading more than 50% below the all-time high it set in October 2025. He also said many altcoins have avoided the kind of collapse that typically hits during past bear-market phases.
In his view, the tell is relative strength. He wrote that observers are noticing alts holding “relatively ‘steady’” while BTC “melts,” and that this steady behavior is pushing BTC dominance down in the first significant pullback on BTC dominance in nearly eight months.
CrediBULL also suggested the path might not be one clean flip. He floated the idea of a string of “mini altseasons” before a larger one that would arrive after a Bitcoin blow-off top that, he said, hasn’t happened yet.
Not everyone buys the 2017 script
Another analyst, Sykodelic, echoed the general vibe but with a different emphasis. In an earlier assessment this week, Sykodelic described the market as “an exhausted market in which alts are no longer responding to weakness.” That message aligns with the idea that BTC weakness is no longer dragging everything down in lockstep.
Still, other analysts are pushing back on how broad any bounce might be.
Daan Crypto Trades offered a cautious read. He said the total altcoin market cap excluding stablecoins has been range-bound for more than two years. He added that the current strength people are talking about has mostly been carried by a handful of tokens, and that ETH and other majors have not shown enough “life” for a proper rebound.
He put it bluntly. “For this to properly bounce, you’d need more life out of the likes of ETH and other majors,” Daan Crypto Trades said.
For this to properly bounce, you’d need more life out of the likes of ETH and other majors,
That matters because ETH has been lagging. ETH recently touched a 14-month low near $1,700. The source also reports that other top-10 tokens fell between 8% and 4% over the last 24 hours.
A narrow pattern shows up in the weekly view too. Over seven days, only Hyperliquid’s HYPE held up, gaining more than 18%. Every other cryptocurrency with an 11-figure market cap and above reportedly lost.
BTC’s drop comes with leverage and ETF pressure
While altcoin narratives circulate, the risk plumbing around Bitcoin has turned ugly.
At the time of writing, BTC was down nearly 7% in one day and over 13% in the past week. It traded around $500 below $63,000 after earlier falling to a four-month low near $61,000.
The move triggered forced selling through leverage. The source says more than 270,000 leveraged traders were wiped out in 24 hours, with over $1.6 billion in total liquidations. It adds that most of those liquidations were long positions.
Then there is the ETF angle. For spot Bitcoin ETFs, the source cites SoSoValue data showing $1.4 billion in outflows in the first three days of June. Weak ETF flows can limit the “fuel” that usually helps BTC stabilize, which in turn affects when markets feel confident enough to rotate.
Key figures cited in the report
| Metric | What the source reports | Date/period | Source |
|---|---|---|---|
| BTC price | Below $62,000 | June 4 | Crypto Potato (via market move context) |
| BTC intraday move | ~7% down in 1 day, ~13% down in 7 days | “At the time of writing” | Crypto Potato |
| Liquidations | 270,000+ traders, $1.6B+ liquidations, majority long | 24 hours | Crypto Potato |
| Spot Bitcoin ETF outflows | $1.4B in outflows in first three days of June | Early June | SoSoValue (per Crypto Potato) |
| Altcoin market view | Excluding stablecoins, range-bound 2+ years | Ongoing | Daan Crypto Trades (via Crypto Potato) |
| ETH performance | Touched a 14-month low near $1,700 | Recent | Crypto Potato |
| HYPE performance | +18% over seven days, only major winner in the group | 7 days | Crypto Potato |
So what changes now
The debate in this story is not “alts will rise.” It’s whether BTC dominance weakness can translate into a broader rotation.
CrediBULL’s bullish case leans on a past precedent where Bitcoin fell 50%, then stabilized, and alts later caught a bid. But Daan Crypto Trades’ critique is more grounded in current breadth: if ETH and other majors remain weak, rallies may stay concentrated in a few tokens.
Meanwhile, the BTC-specific stress is real. Leverage liquidations and early-month ETF outflows create a backdrop where price action can overshoot, and “relative strength” can flip quickly if liquidity tightens further.
For now, the key question is whether the market’s “mini altseasons” show up in more than just a handful of high-beta names, or whether the action stays narrow while BTC remains under pressure.