Bitwise: Median Top-20 Crypto Asset Down 15% YTD, Average Up 14% on HYPE, ZEC

The median-versus-average gap is the real story here: it shows that headline crypto performance is being carried by a handful of outsized winners while the typical large-cap asset is actually underwater this year. That dispersion matters for anyone tracking index-level or basket exposure, since a fund's returns can look healthy even when most of its constituents are losing ground. Whether this concentration persists, or broadens into the rest of the top 20, is the open question worth watching.