Glassnode and Bybit Report: Non-Bitcoin Holdings Have Lost for Two Years

The report's framing matters less as a scorecard than as a signal about where risk capital has been willing to sit. If the divergence it describes is a structural feature rather than a cyclical one, the practical question for the wider market is whether altcoin and token narratives can still attract fresh flows without Bitcoin-led beta doing the work. Watch whether the speculative froth the report locates in the riskiest corners stays contained there, or starts showing up in how the broader market prices risk.