BTC pumps first, altcoins follow.

That was the play in the previous cycle.

But some believe this won't happen this time as BTC's positioning has changed:

• Inflows into BTC ETFs won't spill over to other assets (AUM reached $80B)

• Governments buying BTC as a reserve asset don't affect alts

• Institutions prefer "digital gold" store of value in an inflationary and unstable macro world.

Still, I don't buy the theory.

Personally, if BTC continues to pump and ETH/BTC dumps, at some price ETH will look dirty cheap and I will rotate at least part of BTC gains to it.

I believe others will do it too.

Certainly, the percentage upside for ETH may be smaller than in previous cycles, but I'm betting on the old-good capital rotation cycle.

The question is: which assets will benefit the most from this?