Interesting viewpoint.

Whilst that may be the case, there are many ways of explaining changes in market valuations. Disentangling the shorter term noise from the underlying reratings is only possible with more data (a longer time series). In general, the larger alts are starting to hold $$ in preference to BTC, but each has its own drawbacks in different ways.

In short, time and volume will disprove/prove  your thesis !