【Bitcoin up 28% in two years, while mid-cap altcoins’ median market cap down 74%—institutional funds continue to concentrate】
Data released jointly by Glassnode and Bybit shows that over the past two years, Bitcoin has gained 28% cumulatively, while altcoins’ median-cap coins have averaged a 74% decline, with Ethereum largely flat. This divergence is seen as a hallmark feature of the current market cycle, sharply contrasting with the prior “altseason” pattern in which capital rotated into smaller coins. Leverage distribution shows a trend toward centralization: Bitcoin futures open interest is about 2% of its market value, whereas speculative small coins such as PEPE account for nearly 24%, with risk bubbles accumulating in the high-risk corners. Institutional capital flows clearly favor Bitcoin: spot Bitcoin ETFs have recorded cumulative net inflows of roughly $55.2 billion, far exceeding Ethereum ETFs’ roughly $13.1 billion, which have recently experienced consecutive days of net outflows. Earlier this week, after the Federal Reserve released a dovish outlook, Bitcoin returned to above $80,000, lifting the total crypto market capitalization by 4.6% in a single day to about $2.85 trillion, with coins such as Solana, NEAR, and Uniswap posting even larger daily gains. The next watch point is whether the net outflow trend for Ethereum ETFs reverses, and whether a high leverage ratio in smaller coins triggers further deleveraging.
$NEAR
Data released jointly by Glassnode and Bybit shows that over the past two years, Bitcoin has gained 28% cumulatively, while altcoins’ median-cap coins have averaged a 74% decline, with Ethereum largely flat. This divergence is seen as a hallmark feature of the current market cycle, sharply contrasting with the prior “altseason” pattern in which capital rotated into smaller coins. Leverage distribution shows a trend toward centralization: Bitcoin futures open interest is about 2% of its market value, whereas speculative small coins such as PEPE account for nearly 24%, with risk bubbles accumulating in the high-risk corners. Institutional capital flows clearly favor Bitcoin: spot Bitcoin ETFs have recorded cumulative net inflows of roughly $55.2 billion, far exceeding Ethereum ETFs’ roughly $13.1 billion, which have recently experienced consecutive days of net outflows. Earlier this week, after the Federal Reserve released a dovish outlook, Bitcoin returned to above $80,000, lifting the total crypto market capitalization by 4.6% in a single day to about $2.85 trillion, with coins such as Solana, NEAR, and Uniswap posting even larger daily gains. The next watch point is whether the net outflow trend for Ethereum ETFs reverses, and whether a high leverage ratio in smaller coins triggers further deleveraging.
$NEAR