In today’s crypto for advisers, Gregory Mall, Chief Investment Officer from Lionsoul Global, writes about Bitcoin’s current rally, and how it historically has and potentially affect Altcoins.

Then Kevin Tam looks at crypto trends, 13-F archives and institutional adoption in Ask an expert.

– Sarah Morton

Bitcoin’s Breakout – Is Altcoin Rally Next?

On May 22, Bitcoin (BTC) marked a historic moment and reached a new high all the time and surpassed maps of the levels seen earlier this year. While prices have since consolidated, BTC remains within a marked distance from its high time-a farm achieved despite lingering macrous security, low trading and general market spsis.

Meanwhile, most altcoins remain far from their respective high times. From the beginning of June, Ethereum (ETH) is still approx. 20% during its peaks in November 2021, and Solana (sun) sits more than 30% below its previous heights. This divergence highlights what some market observers call it “most hated rally” -a quiet, low participation in Bitcoin that caught many away.

What did the BTC Rally run?

Three key factors contributed to the recent BTC -breakout:

Central bank optimism: Futures markets suggest that Federal Reserve’s efforts are probably in the second half of 2025, with the euro zone even further ahead – now at its seventh consecutive rate. This relief of background has revived the risk appetite across assets, especially among institutional allocation. With duty fear in the rear view, the total inflation prospects have significantly improved in recent weeks.

Institutional influxes: Spot Bitcoin ETFs approved earlier this year continue to absorb currents. While daily volumes are tapered from the heights of the launch week, the net flow has been consistently positive, especially from fee-sensitive RIA and private wealth channels. Year to date, cumulative influxes exceed $ 16 billion, with May registering the largest influx this year. At the same time, Microstratey and other companies have continued to pile corporate mates for Bitcoin.

Lighting of political risks: Fading Customs Tensions and Improving the Global Trade Mood helped stabilize wider markets, enabling risk assets such as Bitcoin to resume their upward trend.

Despite these winds, the rally appeared on relatively thin volumes.

BTC Dominance Rising – But History Rhymes

Bitcoin -Dominance – The percentage of the total crypto market capital composed of BTC – has now risen over 54%, up from approx. 38% at the end of 2022. Historically, the BTC dominance tip is before altcoins begin to surpass. During the 2017 and 2021 cycles, Altcoin collector limited the BTC heights by two to six months.

Source: TradingView

If the story holds, the rotation from Bitcoin to Altcoins may already be in progress. Ether’s recent better than placing an 81% rally since the April slaves -is a sign that the mood is starting to spill from Bitcoin to the ALTCOIN market.

ALTCOIN season ahead?

While the term “altar season” is often thrown carelessly, there are some real indicators worth looking at:

Institutional extension: Assigners who entered BTC via ETFs are now evaluating wider exposure. Equal weight or smart beta indexes offering diversified exposure to layers, defi and infrastructure roofs win traction.

L1 Innovation and Narrative Cycles: LAG 1-ecosystems such as Solana, Avalanche and nearly continuing to develop real flow improvements, which are increasingly relevant as the user’s demand for activity returns on chain.

DEFI RESIDENTIALS: From the beginning of June 2025, the total value locked in defi protocols has surpassed $ 117 billion, marking a significant recovery from the April reduction. According to Defillama, the total value locked across all defi -pools has increased by 31% since its lower April.

Risk Rotation: In traditional markets, as the bull market matures, investors rotate from large caps to small/middle caps. Crypto is no different. Bitcoin may be the starting point but not the end.

A word of caution

Although there are significant diversification benefits associated with crypto-investing, it is also fair to say that Crypto is still largely behaving as a risk-on-acting class. As highlighted by the latest OECD report, the global economic landscape becomes increasingly fragile. Increased trade restrictions, tighter credit conditions, falling business and consumer confidence and sustained police security weigh all growth opportunities and increase the risk of a sale of speculative assets that include crypto.

Key takeaways for advisers

Expect rotation: If prior cycles are a guide, Altcoins may disappear BTC but tend to assemble with a delay. Advisers should consider this when rebalancing portfolios.

Diversity means something: Crypto curve with equal weight or thematic exposures (eg layer 1S, defi) can help catch upwards without betting on a single asset.

Become Objective: While pricing often drives client interest, basic elements – from network activity to the developer’s speed – should remain North Star for award decisions.

Bitcoin’s new high time is definitely a milestone. However, it can also be a signal: The next phase of the cycle can belong to the wider crypto asset class. Advisors who understand the timing and mechanics of market rotations are best placed to guide clients through the next leg.

Legal disclaimer: Information presented, shown or otherwise provided is only for educational purposes and should not be interpreted as investment, legal or tax advice or an offer to sell or a request for an offer to buy interests in a fund or other investment product. Access to products and services from Lionsoul Global Advisors is subject to requirements for eligibility and the final terms of documents between potential customers and Lionsoul Global Advisors as they can be changed from time to time.

– Gregory Mall, Chief Investment Officer, Lionsoul Global

Ask an expert

Question: One year into the trend, how does Canadian banks and pension funds approach Bitcoin?

ONE: This recent quarter 13F archiving reveals that Montreal-based Trans-Canada Capital has made remarkable investments in digital assets. They manage pension assets for Air Canada, as one of the largest corporate pension plans Canada. The Pension Fund added $ 55 million in Spot Bitcoin Etf.

Institutional adoption of Bitcoin has been accelerated in the past year, driven by clearer regulatory guidance, the launch of spot -TFs and increasing recognition of Bitcoin as a strategic asset. Plan 1 banks in Canada have more than $ 137 million in Bitcoin Exchange-traded funds, emphasizing the growing institutional demand and long-term positioning.

Question: How can institutional accumulation affect Bitcoin’s market dynamics?

ONE: Last year, ETFs bought approximately 500,000 bitcoin, while the network produced 164,250 new Bitcoins through its proof of work consensus. This means that the ETF demand alone was three times higher than the newly clarified supply. In addition, public and private companies bought 250,000 bitcoin. Since governments are considering including Bitcoin in their strategic reserve, other devices are exploring to add Bitcoin to their business box.

Question: How will Financial Conduct Authority (FCA) Greenlighting Retail Access to Crypto Exchange-Traded Notes (ETNS) in the UK accelerate retail and institutional adoption?

ONE: This marks an important moment for in crypte -by -the -retail -class crypt, reflecting a broader shift in Britain’s legislative attitude towards digital assets. It is a complete reversal from a decision from 2020 when FCA banned Crypto Exchange Trades Notes. ETNs must be traded on an FCA-approved exchange of investment. The United Kingdom is moving its approach to crypto as the government is trying to grow the economy and support a digital asset industry. They send a strong signal to institutional investors that the United Kingdom is positioning himself as a competitor player in the global crypto market.

And Kevin Tam

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