In this supposed bull market, almost every Alt is bleeding out - while BTC and ETH make gains, but why?

Two and a half weeks ago, SVB collapsed, setting off a cascade of further collapses and BTC started a huge winning streak as banks failed, up ~16% in the last month

https://preview.redd.it/sh3wt1oupbqa1.png?253&format=png&auto=webp&s=adda631d10cf229a34d281594bb089905bd4ef83

What I had assumed correlated to a crypto industry winning streak - did not actually happen. Nearly every L1 Smart Contract platform is down significantly over the past month, with Algorand being hit especially hard at ~23% down. One of the only other chains making gains with BTC is Ethereum.

https://preview.redd.it/5kt3eaorpbqa1.png?677&format=png&auto=webp&s=c4b2e819077d7a68f047774181752558d8b9402d

If we look at the BTC Dominance chart, we can see BTC dominance is growing up from about 42% at the start of the year to ~48%, this could partially be due to BTC soaking up the marketshare of Stable Coins from concerns about stablecoin backing (USDC) but it looks like BTC is also soaking up the marketshare of Alts as well, as most ALTS are actually bleeding out.

https://www.tradingview.com/symbols/BTC.D/

What do you think is going on with the market? Is BTC looking especially attractive as banks fail - but Alts are continuing to bleed out as there is no end insight to the crypto winter. Is it something else entirely?

After reconsolidating all of my portfolio into ETH and Moons, I've just been paying attention to the price movement of: BTC, ETH, and Moons. So it came as quite the surprise to learn that nearly everything outside of the top two are actually doing terrible right now.