MAJORS NEED TO LEAD BEFORE ALTCOINS FOLLOW

Summary from the TLDR Crypto newsletter

Market positioning has reset following October's washout, but crypto remains the worst-performing cross-asset class despite selective altcoin strength in DePIN (+22%), L2s (+13%), and mid-caps (+15%), driven by a weekend bounce. Bitcoin sits at $105k, 16% below all-time highs, a range where historical data shows BTC outperforms alts 54% of the time and explains why recent dinocoin rallies in FIL, ICP, and FET quickly lost momentum. Supportive macro conditions, including rate cuts and ended QT, haven't translated to broad crypto flows. The next volatility drivers are expected to come from US regulatory and political headlines rather than positioning shifts, as majors must reclaim leadership before sustained altcoin breadth returns.