Scanned to ChainCatcher: In the joint report by Glassnode and Bybit, over the past two years Bitcoin’s cumulative increase was about 28%, while the median-cap altcoins fell on average by about 74%, and Ethereum was roughly flat. The report treats this divergence as a hallmark of this cycle—less like the old “Bitcoin moves first, then capital rotates into smaller coins” altcoin-season playbook.
Leverage is also more concentrated: Bitcoin futures open interest is about 2% of its market cap, while speculative small coins like PEPE can reach nearly 24%, with risk bubbles stacked in the most fragile layer. The figures are based on the August 23 settlement close and cover only the platforms tracked by Glassnode.
Institutional capital is more tilted toward Bitcoin: spot Bitcoin ETFs have seen cumulative net inflows of roughly $55.2 billion, while Ethereum ETFs are about $13.1 billion—the latter has also continued to record net outflows recently. After the Fed released a more dovish outlook this week, Bitcoin reclaimed the $80,000 level. Crypto total market cap rose about 4.6% in a day to around $2.85 trillion; on that day SOL, NEAR, and Uniswap climbed even more strongly.$BTC #比特币 #altcoins
Leverage is also more concentrated: Bitcoin futures open interest is about 2% of its market cap, while speculative small coins like PEPE can reach nearly 24%, with risk bubbles stacked in the most fragile layer. The figures are based on the August 23 settlement close and cover only the platforms tracked by Glassnode.
Institutional capital is more tilted toward Bitcoin: spot Bitcoin ETFs have seen cumulative net inflows of roughly $55.2 billion, while Ethereum ETFs are about $13.1 billion—the latter has also continued to record net outflows recently. After the Fed released a more dovish outlook this week, Bitcoin reclaimed the $80,000 level. Crypto total market cap rose about 4.6% in a day to around $2.85 trillion; on that day SOL, NEAR, and Uniswap climbed even more strongly.$BTC #比特币 #altcoins
