Key facts
- Bitcoin gained 28% over the past two years, while the median mid-cap altcoin lost 74%.
- Ethereum remained roughly flat over the same two-year period.
- Leverage is concentrated in riskier assets, with PEPE showing futures open interest at 24% of its market cap.
- Bitcoin's futures open interest is about 2% of its market capitalization.
- Bitcoin surged above $80,000 after a dovish Federal Reserve forecast.
- Spot Bitcoin ETFs have attracted $55.2 billion in cumulative net inflows, compared to $13.1 billion for Ethereum ETFs.
Bitcoin has significantly outperformed other cryptocurrencies over the past two years, a trend that marks a stark reversal of the typical "altseason" rotation where capital moves from Bitcoin into smaller tokens as a rally matures. According to a report from analytics firm Glassnode and crypto exchange Bybit, Bitcoin gained 28% over the two-year period ending August 23, while the median mid-cap altcoin lost 74%. Ethereum, the second-largest cryptocurrency, remained largely flat during the same timeframe. This concentration of gains at the top is also evident in leverage distribution, with riskier assets showing higher futures open interest relative to their market capitalization. Bitcoin's futures open interest stands at about 2% of its market cap, whereas speculative small caps like PEPE carry significantly more, near 24%. The report's figures are based on data from the venues Glassnode tracks and do not represent the entire market. Recently, Bitcoin surged back above $80,000 following a dovish forecast from the Federal Reserve, which also lifted the broader crypto market. The total crypto market capitalization increased by 4.6% in a single day to approximately $2.85 trillion. Several major cryptocurrencies, including Solana, NEAR, and Uniswap, saw larger gains than Bitcoin during this rebound, indicating a potential increase in market breadth. Institutional demand continues to favor Bitcoin, with spot Bitcoin ETFs attracting $55.2 billion in cumulative net inflows, far exceeding the $13.1 billion seen in Ethereum funds, which have experienced recent outflow streaks. Newer Solana spot ETFs have garnered about $29.7 million.