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

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Why Holding Anything But Bitcoin Has Been a Losing Bet for Two Years
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A new Glassnode and Bybit report says the last two years have favored Bitcoin over alternatives, widening the performance gap. While this week’s rebound pushed majors higher and spot ETF flows still heavily favor Bitcoin, the underlying divergence is stark: Bitcoin is up 28% over two years, while the median mid-cap altcoin is down 74%. The report frames this cycle as one where Bitcoin “compounds” while mid-caps “halve and halves again,” with Ethereum largely flat. It also points to leverage concentrating in higher-risk corners, with Bitcoin futures open interest at about 2% of market cap versus roughly 24% for PEPE. Data is as of August 23.

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