[SERIOUS] What is going on with BTC Dominance? Why is it falling in a bear market?

For those who aren't aware, BTC Dominance is the total amount of money in BTC compared to crypto as a whole. Currently, the chart shows BTC Dominance is about 40.26%. Below is the BTC dominance chart over the last year.

https://preview.redd.it/7x3iksjr81y91.png?1485&format=png&auto=webp&s=003367a4e91a10098bd078e62763990053faa6e0

Historically during a bull market money flows out of BTC into alts and in a bear market money flows back to BTC, as it's the safest crypto to invest in. You can see this happened above when prices first started crashing in the early/mid part of 2022. Then money left BTC and moved back to alts. This reversal is not something that usually happens during a bear market. See the graph below.

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https://preview.redd.it/6k9n3kkzb1y91.png?1500&format=png&auto=webp&s=7fb3a81c1cf6c5e2addc3d598deefc810214b4f1

Starting early 2018. BTC dominance started climbing over the two-year bear market. It didn't really start dropping until early/mid-2021. That is exactly what you expect to happen in a bear market and the exact opposite of what's been happening as of late. More money is going into ALTs as compared to BTC.

Earlier this year I'm sure you'll remember people saying "sell your alts, buy BTC this is a bear market. Only BTC is safe". Except that's not what is happening. BTC dominance is near its lowest point, over the last year. The BTC dominance levels are similar to what you'd expect to see in a bull market - not a bear market. Money is either leaving BTC and heading to ALTs or going from fiat directly to ALTs.

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In the past when BTC Dominance fell below 40% (less than 40% of the money in crypto was in BTC) it was considered ALT season, and ALT's were expected to soar. Now we're in a bear market and BTC dominance is shredding value, what's going on?

A potential answer is that the crypto ALT market is maturing and more options are considered "safe" apart from BTC, which is keeping money in alts. But honestly I can't say for sure. What do you think is going on with BTC Dominance as of late?