Top 7 Crypto Assets Reach 92.1% of Top-100 Market Cap, Highest Since 2021

Concentration at 2021 levels signals a market where breadth has thinned rather than capital having left: the largest assets are absorbing flows that previously dispersed across the long tail. That matters most for altcoin projects and the exchanges and funds whose volumes depend on rotation beyond the majors, since a top-heavy structure tends to reward index-like exposure over idiosyncratic bets. The open question is whether this reflects a durable preference for liquidity and regulatory clarity or simply a defensive phase — and whether any broadening follows if risk appetite returns.