This is only my observation. The money goes to Bitcoin first, then surges to the cryptocurrencies in the top 10/top20, then surges again to the lower and lower to smaller and smaller capitalized coins.
And the implication of this saying is that we should definitely do the opposite, work hard in holding altcoins, even buying more in this situation because before the halving event, whales will make pumps for bitcoin, capitalizing from altcoins will become nutrients for bitcoin to grow, altcoin will have low value, selling will only cause losses. While we have many opportunities to have a special performance when whales have no more capital for bitcoin, they will create pumps for altcoins to accumulate, our chances are right here