The level at which the altcoin market is currently is where it should have been if btc were at 60k if it was a pre-institutional cycle. Btc is however still above 100k while most alts are down bad. Let’s say we didn’t have ETFs, Saylor, other companies buying btc. Then bitcoin price would have probably been synchronous to altcoins. Remember that etfs and institutions aren’t buying altcoins. Another factor of course is dilution. Considering all this, if you never sell on significant pumps(like the one in May), you’ll always end up paying the price. It’s not the same market anymore.