The crypto market has been a whirlwind of ups and downs, leaving many investors wondering if we're in an altcoin bull run. However, according to analyst Miles Deutscher, the answer is a resounding no. Despite Bitcoin's impressive performance, altcoins have failed to keep up, leaving many investors feeling frustrated and confused.

At first glance, it seems like the crypto market should be thriving. Bitcoin is nearing its all-time high, meme coins are exploding, and celebrities are promoting crypto again. But beneath the surface, a different story emerges. Most retail investors don't hold large amounts of Bitcoin; instead, they're invested in altcoins, which have underperformed significantly this cycle.

The OTHERS/BTC ratio, which measures the total crypto market cap excluding the top 10 coins, is lower than it was eight months ago. This indicates that the market is not in an altcoin bull run, despite what some might think. In fact, since the fall of FTX, only eight coins have surpassed their previous all-time highs compared to Bitcoin. Altcoins are still 70% away from their previous highs, while Bitcoin is nearing its own.

So, what's driving this trend? According to Miles Deutscher, this has been a Bitcoin-narrative led cycle, driven by the spot ETF narrative and strong corresponding inflows. While Bitcoin and altcoins are interlinked, altcoins haven't had a significant broader market catalyst like Bitcoin. Specific narratives like memes, AI, and real-world assets have outperformed, but major altcoins have lagged behind.

This has left many investors feeling left behind, especially those who haven't been well-capitalized in these sectors. The temptation to rebalance portfolios is strong, but it's important to remember that we're not in an altcoin bull run yet. The data reveals some shocking truths about the current state of the market, and it's important to stay informed and patient.

In conclusion, the crypto market is complex and ever-changing, and it's important to stay informed and adapt to new developments. While we're not in an altcoin bull run yet, there's still hope for the future. By staying informed and making smart investment decisions, investors can navigate this challenging market and come out on top.