Over two years, Bitcoin gained 28% while the median mid-cap altcoin lost 74% and Ethereum remained roughly flat, according to a report by Glassnode and Bybit. Bitcoin’s futures open interest represents about 2% of its market capitalization, versus nearly 24% for PEPE, indicating that leverage has pooled in the market’s riskiest corners. ETF flows remain heavily tilted toward Bitcoin, with $55.2 billion in cumulative net inflows compared to $13.1 billion for Ethereum. This week’s Bitcoin rebound above $80,000 pushed the total crypto market capitalization to approximately $2.85 trillion, with more pronounced gains for Solana, NEAR, and Uniswap.
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