BTC overnight touched $79198, only $802 away from $80K, the fear and greed index jumped from 26 to 47 in two days, the extreme fear has officially shifted to neutral

This recovery speed surprised me, historically this rhythm is not the top, but the window where cautious funds start to test the entry
Open interest has slightly declined from its peak, funding rates are close to zero, leverage is not overheated, I feel $80K is not a problem, just missing the final push with spot
Another thing that caught my attention today is that the popularity of SOL and XRP on Reddit suddenly exploded, SOL +150%, XRP +600%. XRP has SEC delisting as a catalyst, SOL does not, just BTC sideways movement has caused funds to start moving into high-beta assets. The signs of altcoin rotation are emerging, but BTC needs to stabilize above $80K first to boost confidence
EF sold a total of $47 million worth of ETH three times this week, the more I look at it, the more uncomfortable I feel. It’s not that they can’t sell, but the pace and scale are accelerating. ETH is currently digesting smoothly, but if this becomes a weekly routine, the relative performance of ETH/BTC will be hard to be optimistic about
Another counter-narrative is that CoinFund President Perkins said that even if the Clarity Act doesn’t pass, the crypto industry will be fine. I feel this is cooling the market, as insiders’ expectations of legislative certainty are not as high as external narratives suggest
April was the best month for BTC in nearly 12 months, May started well, but spot has not caught up, all signals are still building momentum
Regarding this altcoin rotation, do you think it’s a genuine shift or a false move?
Not investment advice, DYOR