Is it because when we have a bear market like now, people turn to bitcoin because it is more secure?
I think that's the reason why alt people are turning to bitcoin and selling their alts since they see a hint of bitcoin's dominance.
I think people are turning their alts into bitcoin in the hope of ETF approval and bitcoin will rise and buy back their alts in much less satoshi than now.
Yes, news are telling that there are few SEC personnel that are pro bitcoin so that can be one of the reason why people are turning to bitcoin.