Glassnode Report: Bitcoin Rises 28% Over Two Years While Median Altcoin Market Cap Drops 74%

A joint report by Glassnode and Bybit reveals that Bitcoin has gained 28% over the past two years, while the median altcoin market cap has fallen by 74% and Ethereum has remained largely flat. This divergence marks a departure from traditional 'altseason' cycles. The report highlights a concentration of leverage in speculative assets, with open interest for coins like PEPE reaching 24% of their market cap, compared to just 2% for Bitcoin. Institutional capital remains heavily skewed toward Bitcoin, with spot Bitcoin ETFs seeing $55.2 billion in net inflows, significantly outpacing Ethereum ETFs. Data reflects figures as of the August 23 market close across tracked platforms.