According to Miles Deutscher, while Bitcoin ETFs are generally bullish for BTC, they have contributed to the absence of a robust altcoin season similar to 2021. Deutscher explains that the wealth effect, which previously encouraged BTC holders to diversify into altcoins, is no longer present due to the institutional focus on Bitcoin ETFs. This shift in investment dynamics has altered the flow of capital, making altcoins less attractive to investors who previously sought higher returns in the altcoin market. As a result, the altcoin market has seen diminished activity compared to past cycles. (Source: Miles Deutscher on Twitter)