Bitcoin
Glassnode and Bybit Report Highlights Two-Year Performance Gap Between Bitcoin and Altcoins
A joint report from Glassnode and Bybit shows Bitcoin significantly outpacing mid-cap altcoins and Ethereum over a two-year timeframe.
A joint report published by analytics provider Glassnode and cryptocurrency exchange Bybit indicates a sharp divergence between Bitcoin and the broader digital asset market. Over a two-year span, Bitcoin recorded a 28% gain, while the median mid-cap alternative token declined by 74% and Ethereum traded largely flat.
The research frames this persistent divergence as a core characteristic of the current market cycle, contrasting with historical patterns where capital rotated from Bitcoin into smaller tokens. The report also pointed to differing leverage profiles across assets, noting that Bitcoin's futures open interest represents around 2% of its market capitalization, compared to roughly 24% for the meme coin PEPE.
Institutional demand further underscored the disparity, with exchange-traded fund inflows heavily favoring Bitcoin at $55.2 billion, compared to $13.1 billion allocated to Ethereum funds.
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