Bitcoin Outperformed Nearly All Other Crypto Sectors In Past 3 Months: Glassnode
Bitcoin, the largest crypto by market cap, outperformed nearly all of the other sectors in the digital asset space in the past 3 months.
On-chain analytics platform Glassnode said in an X post today that Bitcoin’s strong performance against almost all of the other sectors in the market shows that investors still favor BTC.
“This persistent relative weakness highlights a market environment where capital concentration favours BTC,” Glassnode wrote.
The comments were in response to a post made by the institutional-grade reporting platform Bitcoin Vector. It said that Bitcoin dominated the market during the first half of the year, but argued that the dynamics in the market “flipped” in the second half.
Bitcoin Vector added that as BTC dominance slid in the second half of the year, it opened up an opportunity for capital to rotate into altcoin leader Ethereum (ETH).
Altcoins Have Dropped Along With Bitcoin In Past 3 Months
Over the past three months, Bitcoin’s price has dropped approximately 25% to trade around $86K, data from CoinGecko shows.
BTC price (Source: CoinGecko)
Despite the price drop, BTC’s dominance still stands at 58.7%.
Meanwhile, Ethereum has plummeted more than 34% in the last three months. Overall, the altcoin market cap has slid over 24% in the past three months as well, data from TradingView shows.
Glassnode Warns Of More Downside For BTC As Off-Chain Signals Weaken
In an earlier post, Glassnode had warned that BTC remains at risk of further downside after it dropped from $94K in the last 48 hours, citing increased sell pressure, weakening momentum, and reduced liquidity.
“Derivatives and on-chain signals remain cautious, keeping the market vulnerable to further downside,” Glassnode said.
The platform added that off-chain signals for Bitcoin have weakened. Specifically, it highlighted that spot and futures indicators declined as sell pressure in the market rose. Glassnode also said that ETF (exchange-traded fund) activity softened amid reduced trading activity.
In addition to that, the analytics platform noted that Bitcoin network usage has cooled as well.
Grayscale Says Bitcoin Might Hit A New ATH In 2026
While Glassnode warns of more downside for BTC, analysts at asset manager Grayscale have predicted that the crypto king could go on to reach a new all-time high (ATH) in the first half of 2026.
“We expect rising valuations in 2026 and the end of the so-called ‘four-year cycle,’ or the theory that crypto market direction follows a recurring four-year pattern,” the asset manager said in a report published Monday.
“Bitcoin’s price will likely reach a new all-time high in the first half of the year, in our view,” it added.
Grayscale then said that as long as fiat currency debasement keeps rising, “portfolio demand for Bitcoin and Ether will likely continue rising as well.”
Bitcoin’s current ATH of $126,198.07 was achieved on Oct. 6. Since then, BTC’s price has plummeted over 31%. Much of this drop was due to the record liquidation event on Oct. 10, which wiped out around $19 billion in trades. The market has struggled to recover after this event.
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