Bitcoin (CRYPTO: BTC) held roughly 57% of the digital asset market as of Oct. 10, its highest share since November 2022, according to Glassnode and Fasanara Digital.
Why Capital Stayed Concentrated in Bitcoin
Glassnode and Fasanara Digital wrote in the report that smaller tokens fell roughly 52% from their October 2025 peak, about 18 points worse than large-cap assets.
That breaks from past cycles, where Bitcoin gains typically spread into smaller coins over time. Ethereum’s market share slipped to 11% over the same stretch, now roughly matching stablecoins.
Bitcoin’s realized capitalization, a cost-basis measure of capital held in the network, posted its first positive month in nine during August, after falling $44.5 billion from its November 2025 peak.
The report’s liquidation model helps explain why: estimated short exposure in the $65,000 to $70,000 range collapsed from $7 billion to just $344 million within two days during August’s rally, suggesting forced buying kicked off the move before genuine demand took over.
Why Corporate Treasuries Are Shifting Toward Ethereum
Corporate Ethereum (CRYPTO: ETH) holdings grew 43% since December 2025, compared to 21% for Bitcoin and just 7% for Solana (CRYPTO: SOL), with Ethereum treasuries now holding roughly 6.6% of total supply.
The report attributed Ethereum’s edge partly to staking income, while Solana treasury accumulation has largely stalled.
Bitcoin corporate holdings remain far more concentrated than Ethereum’s. Strategy (NASDAQ:MSTR) held 848,000 BTC, about two-thirds of all disclosed corporate Bitcoin holdings, and accounted for nearly all of the 180,000 BTC that named companies added this year.
Spot Bitcoin ETFs held 1.3 million BTC, just 6% below their October 2025 peak, with BlackRock’s (NYSE:BLK) IBIT making up 62% of that total.
Why Traditional Assets Are Moving Onto Crypto Rails
Perpetual futures tied to stocks, indices and commodities jumped from $23.5 billion in monthly volume in November 2025 to $778 billion in August 2026, a roughly 33-fold increase.
Their share of total perpetual trading rose from 0.5% to 23.5%, with Binance capturing about 55% of that volume in August despite entering the category after rivals.
On Hyperliquid, perpetuals tied to traditional assets now trade at roughly four-fifths the volume of the platform’s own Bitcoin contracts, up from under 1% in late 2024.
What Would Confirm the Recovery
The report outlined four signals needed to confirm a sustained rebound: ETF inflows continuing into a third straight month, positive Binance spot buying pressure holding steady, futures open interest rebuilding in BTC terms, and Glassnode’s market indicators shifting into warmer territory.
As of early October, 56% of the firm’s 45 tracked indicators sat neutral, with fewer than one-fifth reading warm or hot.
Image: Shutterstock
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