According to Miles Deutscher, the institutionalisation of Bitcoin through the introduction of ETFs has disrupted the typical fund flow from BTC to ETH and then to altcoins, fundamentally changing trading dynamics in the crypto market. Previously, traders relied on the wealth effect from Bitcoin rallies to fuel gains in Ethereum and altcoins, but this pattern has weakened as institutional investors favor Bitcoin directly via ETFs. This shift has led to 'risk on' periods determined by ETF flows rather than retail-driven wealth cycles, meaning traders should closely monitor ETF inflows and institutional activity to predict market moves (Source: Miles Deutscher, Twitter, June 9, 2025).