A joint report from crypto analytics firm Glassnode and exchange Bybit says Bitcoin has outperformed most of the broader crypto market over the past two years, rising 28% while the median market-cap altcoin fell 74% on average. Ethereum was broadly flat over the same period. The report describes that divergence as a defining feature of the current cycle, standing in contrast to earlier “altseason” patterns in which capital rotated from Bitcoin into smaller tokens as the market matured.
The report also points to a sharp concentration of leverage in riskier parts of the market. Bitcoin futures open interest stands at roughly 2% of its market capitalization, while the figure for speculative smaller tokens such as PEPE is close to 24%, according to the report. It adds that the data was measured through the settlement close on Aug. 23 and only reflects venues tracked by Glassnode, whose exchange coverage is limited.
Institutional flows were also tilted toward Bitcoin. Spot Bitcoin ETFs have recorded about $55.2 billion in cumulative net inflows, compared with about $13.1 billion for spot Ethereum ETFs, which have recently logged several consecutive days of net outflows.
A joint report from Glassnode and Bybit found that Bitcoin rose 28% over the past two years, while the median market-cap altcoin fell 74% on average. Ethereum was largely unchanged.
The report described the split as a defining feature of the current market cycle. That marks a clear break from earlier “altseason” phases, when capital typically rotated from Bitcoin into smaller tokens as the market matured.
Leverage is clustering in speculative tokens
The report said leverage is also becoming more concentrated. Bitcoin futures open interest amounts to about 2% of its market capitalization, while the same ratio for speculative smaller tokens such as PEPE is close to 24%.
In the report’s view, the risk bubble is building in the most dangerous corners of the market.
Scope of the data
The data runs through the settlement close on Aug. 23. The report added that Glassnode tracks a limited set of trading venues, so the figures only reflect the platforms within its coverage.
Institutional flows favored Bitcoin
Institutional money has also leaned heavily toward Bitcoin. Spot Bitcoin ETFs have posted about $55.2 billion in cumulative net inflows, far above the roughly $13.1 billion recorded by spot Ethereum ETFs. The latter has also seen several consecutive days of net outflows recently.
Earlier this week, Bitcoin climbed back above $80,000 after the Federal Reserve released dovish projections. That helped lift the total crypto market capitalization 4.6% in a single day to about $2.85 trillion, with Solana, NEAR and Uniswap posting bigger gains on the day.
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