Bitcoin has outperformed nearly every major crypto sector over the past three months, even as prices pulled back sharply from recent highs, according to onchain analytics firm Glassnode. The data suggests that capital continues to concentrate around Bitcoin while risk appetite for alternative crypto assets remains weak.
In a post published Tuesday, Glassnode said the average return across most crypto sectors has lagged Bitcoin during the period. The firm described the trend as a sign of persistent capital concentration favoring BTC, even amid a broader market downturn.
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The observation contrasts with recent commentary suggesting that Bitcoin’s dominance weakened in the second half of the year. Institutional analytics platform Bitcoin Vector previously noted that while Bitcoin led early in the year, its dominance slipped later on as investors briefly rotated into Ether. That recovery attempt, however, appears to have lost momentum by year-end, signaling low conviction across the broader market.
Altcoins see steeper losses across the board
Glassnode’s data highlights how sharply alternative sectors have underperformed Bitcoin. Over the past three months, Bitcoin has fallen roughly 26%, trading near $86,000 at current levels. While notable, the decline is milder than losses seen elsewhere in the market.
Ether has dropped around 36% since mid-September, falling below $3,000. Artificial intelligence-related tokens have declined about 48%, while memecoins have suffered some of the steepest losses, with total market capitalization down roughly 56%. Real-world asset tokenization projects have also struggled, shedding around 46% over the same period. DeFi tokens have fared slightly better but are still down close to 38%, according to CoinGecko data.
In comparison, the overall crypto market capitalization has fallen approximately 27.5%, placing Bitcoin slightly ahead of the broader market.
Most other crypto sectors have seen larger declines than Bitcoin. Source: Glassnode
Bitcoin retains safe-haven appeal within crypto
Market analysts say the data reinforces Bitcoin’s role as the relative safe haven within the crypto ecosystem. Nick Ruck, director of LVRG Research, told Cointelegraph that recent performance points to continued investor preference for Bitcoin’s perceived stability.
Ruck noted that Bitcoin’s established market position and growing institutional interest have helped it retain capital during periods of uncertainty, while altcoins struggle to attract sustained inflows. He added that the current environment has left many alternative sectors fighting to remain relevant as investors prioritize liquidity and resilience over speculative growth.