10x Research: Some token rebounds are driven by spot trading, and altcoins may outperform Bitcoin in the future

10x Research posted on social media that Bitcoin's dominance is declining, and fresh liquidity is returning to the market. This turning point historically often indicates that altcoins will take the lead in the rally.

Models continue to show a preference for BTC over the past three months, and the latest signals point to a potential shift in market performance patterns. The ongoing inflow of stablecoins is quietly rebuilding the funding base for risk appetite, although trading volumes remain below peak cycle levels. The rebound of certain tokens is driven by spot rather than leverage, indicating that this rotation is healthier compared to previous false starts.

Meanwhile, platforms with active perpetual contract trading continue to lag, suggesting that over-leveraged positions are being liquidated in these areas. If this shift is genuine, the strongest performers may not be the most vocal concepts, but rather those assets that have been quietly accumulating in the shadows.