On-chain analytics firm Glassnode highlights a significant divergence between Bitcoin (BTC) and altcoins, suggesting a deepening decoupling. Their analysis indicates that altcoins are entering a "capitulation phase," with only 5% of their total supply remaining in profit. This situation is contrasted with Bitcoin, where profits have only recently begun to decline sharply. Historically, BTC and altcoins have moved in relatively similar patterns, but this cycle presents an unprecedented divergence. The proportion of altcoins in profit has stabilized at a low level, while BTC still retains a larger percentage of supply in profit. This decoupling could be attributed to various factors, including the ongoing dominance of Bitcoin as a store of value and flight to safety during market downturns. Alternatively, investor confidence in altcoins may be diminishing due to project-specific issues, regulatory concerns, or a shift in market sentiment. ```