Over the past two years, gains in the cryptocurrency market appear to have been concentrated in bitcoin. While bitcoin rose 28%, the median return for mid-cap altcoins fell 74%, and ethereum was effectively flat.
On Sept. 20, blockchain outlet Decrypt reported that the figures were compiled in a report jointly written by crypto data analytics firm Glassnode and virtual asset exchange Bybit. The report said the gap between bitcoin and the rest of the market was a standout feature of this market cycle. It said mid-cap altcoins showed a pattern of being “halved and then halved again” while bitcoin accumulated gains.
The trend contrasts with a typical “alt season”. Generally, as a bull market matures, funds move from bitcoin into small and mid-sized tokens, but that rotation did not clearly appear in this cycle. Ethereum, the second-largest cryptocurrency by market value, was also largely flat over the same period, showing that the uptrend was concentrated in bitcoin even among top assets.
Leverage was also concentrated in higher-risk assets. The report said bitcoin futures open interest was about 2% of its market value, while PEPE, a more speculative small altcoin, was about 24%. That means market leverage was built up more heavily in relatively risky assets, while bitcoin led the price rise.
There are limits to interpreting the figures. The report is a joint report by Glassnode and Bybit, and the data are based on an Aug. 23, 2026 closing date. It also shows trends observed at the exchanges tracked by Glassnode, not the entire market, because the range of exchanges it tracks is limited.
A key question is whether the recent rebound could change that rotation of funds. Bitcoin climbed back above $80,000 after the U.S. Federal Reserve issued a dovish outlook, and the rise spread across the broader cryptocurrency market. Total cryptocurrency market value rose 4.6% in a day to about $2.85 trillion. Solana rose about 10% on the day, while NEAR and Uniswap also posted larger gains than bitcoin.
Institutional flows remain heavily tilted toward bitcoin. Cumulative net inflows into spot bitcoin ETFs total about $55.2 billion, far above about $13.1 billion for ethereum funds. Ethereum funds have also recorded net outflows for several consecutive days. Spot Solana ETFs were launched later and remain smaller, leaving cumulative net inflows at about $29.7 million.
Some altcoins have rebounded more than bitcoin recently, but returns over the past two years and institutional fund flows show the market’s uptrend was concentrated in bitcoin. Whether that trend spreads to altcoins remains a key variable for the market.