Base Case: If BTC maintains current levels, we see a repeat of the 2021 cycle top, following a Wyckoff distribution pattern. In this scenario, we estimate that we are about halfway through the topping process, historically signaling a major altcoin rotation. Similar past setups saw ETH appreciate 2-3x, while other large and small caps rallied 2-4x. This has been our thesis since early 2024, and we see no reason to deviate from it at the current moment.