Why Holding Anything But Bitcoin Has Been a Losing Bet for Two Years

In brief

• Over two years, Bitcoin gained 28% while the median mid-cap altcoin lost 74% and Ethereum landed roughly sideways, per a Glassnode and Bybit report—a stark reversal of the usual "altseason" rotation.
• Leverage has pooled in the riskiest corners: Bitcoin carries futures open interest worth about 2% of its market cap, versus roughly 24% for PEPE.
• This week's rebound above $80,000 dragged majors up with it, while ETF flows still tilt heavily toward Bitcoin's $55.2 billion over Ethereum's $13.1 billion.

The gap between Bitcoin and the rest of the market has become a chasm. Over the past two years, Bitcoin gained 28% while the median mid-cap altcoin lost 74%, according to a new report from analytics firm Glassnode and crypto exchange Bybit.

The report frames the divergence as the defining feature of this cycle: Bitcoin compounding higher while the mid-cap complex "halves and halves again."

Ethereum, the second-largest cryptocurrency, landed roughly sideways over the stretch, underscoring how narrowly the gains concentrated at the top. It's a stark reversal of the "altseason" pattern many holders came to expect, in which capital rotates from Bitcoin down into smaller tokens as a rally matures.