A collaborative report by Glassnode and Bybit, with closing data as of August 23, 2026, reveals a wide divide across the market over the past two years: Bitcoin’s value rose 28%, while the median mid-cap altcoin plummeted 74% over the same period.
Even Ethereum’s price was virtually flat across that 24-month span. This situation highlights how narrowly gains were concentrated, circulating almost purely at the top of the market. Investment inflows further reinforced this dividing line. Spot Bitcoin ETFs attracted cumulative net inflows of $55.2 billion, vastly outpacing Ethereum ETFs, which have gathered just $13.1 billion in inflows.
Capital rotation from Bitcoin to altcoins - often referred to by the market as “altseason” - which historically appeared whenever price rallies matured, was completely absent in this cycle.
Leverage Piles Up in Speculative Coins
The divide between Bitcoin and lower-tier coins is visible not only in their price trajectories, but also in their risk profiles. Leverage concentration indicators reflect a stark division. Open interest in Bitcoin futures contracts accounted for only about 2% of its total market capitalization.
Compare that ratio to smaller speculative tokens. Open interest for meme coins like PEPE reached 24% relative to its market capitalization. The burden of speculation piled up far more heavily among altcoins compared to the leading asset.
For context, the report notes that the scope of platforms monitored by Glassnode remains limited. The figures presented purely reflect trading activity on the exchanges they track, rather than representing the broader cryptocurrency market as a whole.
The Scenario Shifts on Fed Sentiment
After 24 bleak months for altcoin holders, macroeconomic sentiment briefly pushed back against the trend. Following the release of dovish interest rate projections by the Fed, Bitcoin surged past the $80,000 mark around September 18 and 19, 2026.
Bitcoin’s rebound lifted the total crypto market capitalization by 4.6% in a single day, pushing aggregate valuation past $2.85 trillion. Interestingly, during this rally phase, several large-cap altcoins outpaced Bitcoin in percentage gains.
Solana posted gains of around 10% within a single trading day. At the same time, other utility tokens such as NEAR and Uniswap recorded significantly higher percentage surges.
Over the past two years, holding second-tier tokens has been synonymous with portfolio drawdowns. However, last week’s price bounce left traders with a clear message: capital flows remain quick to chase higher-risk assets once central banks begin opening the liquidity taps. Reported via Decrypt.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
