Capital Rotation Ignores Bitcoin, On-Chain Support Weakens

The notable point is not weakness itself but where the rotation is going instead — capital leaving Bitcoin without a visible destination in the item suggests a broad de-risking rather than a rotation into rival assets. That distinction matters for how the drawdown is read: thinning on-chain support implies a shallower buyer base, so moves in either direction can amplify. Whether the outflow is temporary repositioning or a sustained shift in allocation is the open question, and the on-chain support trend is the clearest signal to track.