The market has clearly gone through a strong structural shift, and the effects are starting to show. In past risk-off moves, capital usually rotated into Ethereum when Bitcoin ran into resistance, since altcoins still offered better risk-reward setups. Recent whale activity with about $92 million in ETH accumulation suggests that a similar setup might be forming again. But with the ETH/BTC ratio down nearly 7% this week, ETH is still lagging BTC, which makes the idea of a broad altcoin rally look a bit stretched for now.