Bitcoin Up 28% as Mid-Cap Altcoins Lose 74%: Report — SkimNews
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- Bitcoin gained 28% over the past two years while the median mid-cap altcoin lost 74%, per a Glassnode and Bybit report with data through the August 23 close.
- Ethereum landed roughly sideways over the same stretch, underscoring how narrowly crypto's gains concentrated at the top of the market.
- Bitcoin carries futures open interest worth about 2% of its market cap, versus roughly 24% for PEPE, putting the leverage froth in the market's riskiest corners.
- Bitcoin surged back above $80,000 after a dovish Federal Reserve forecast, dragging total crypto market cap up 4.6% to about $2.85 trillion in a day.
- Solana outran Bitcoin in the bounce, up roughly 10% on the day, with NEAR and Uniswap posting far larger percentage gains.
- Spot Bitcoin ETFs have pulled in about $55.2 billion in cumulative net inflows versus roughly $13.1 billion into Ethereum funds, which recently logged a multi-day outflow streak.
Why it matters: Flows concentrate where performance concentrates: spot Bitcoin ETFs have absorbed more than four times the cumulative inflows of Ethereum funds while BTC carries far less leverage relative to size than speculative small caps. Capital is treating altcoins as a losing bet, leaving mid-cap holders exposed to a market structure that hasn't rewarded them in two years.
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