The "sell in May" argument is interesting this cycle because the macro backdrop is genuinely different. In previous years the seasonality pattern held partly because there was nothing forcing institutional hands — they could afford to wait.
Right now you have ETF inflows that have been net positive for 9 consecutive days, which means some amount of buying is happening through vehicles that don't care about seasonality narratives. Pension funds and family offices running BTC as a portfolio hedge don't sell in May because a meme says to.
That said, BTC dominance at 58% while everything else bleeds makes me think the four-year cycle bros might need to revise their altcoin correlation assumptions. This doesn't look like a typical bull broadening — it looks like a flight to quality within crypto. Which is new.