Glassnode: Most crypto sectors underperformed Bitcoin in the past three months, with AI/Meme/RWA sectors' market caps halved

On-Chain Analysis Platform Glassnode’s latest report indicates that although Bitcoin’s price has experienced a significant pullback from its all-time high, its overall performance over the past three months still outperforms the vast majority of the cryptocurrency sector, demonstrating that market funds and investment preferences remain concentrated in Bitcoin.

Glassnode states that “almost all cryptocurrency sectors have had lower average returns than Bitcoin” over the past three months. This persistent relative weakness reflects that, under the current market environment, capital is more inclined to flow into Bitcoin rather than riskier altcoins.

This view contrasts with some market commentary. The institutional research platform Bitcoin Vector previously pointed out that Bitcoin dominated in the first half of this year, but signs of rotation appeared in the second half, with Bitcoin’s dominance declining and creating space for assets like Ethereum. However, the latest data from Glassnode shows that this rotation has not persisted, and most sectors have performed even weaker during the correction cycle.

Looking at specific data, Bitcoin’s price has fallen approximately 26% over the past three months, currently hovering around $86,000. Although the trend is somewhat weak, it still outperforms the overall crypto market, which has declined by about 27.5% in total market value during the same period. In comparison, Ethereum has fallen approximately 36% since mid-September, with its price dropping below the $3,000 mark.

Other popular sectors have experienced more significant declines. According to CoinMarketCap data, AI-related tokens have fallen about 48% over the past three months, Meme coin market caps have shrunk by approximately 56%, and the Real-World Assets (RWA) sector has declined about 46%. Data also shows that the Decentralized Finance (DeFi) sector has fallen nearly 38% during the same period.

Nick Ruck, head of LVRG Research, pointed out that funds have been continuously flowing into Bitcoin over the past few months, reflecting investors’ preference for its stability and risk resistance. Against the backdrop of macro uncertainties and increased market volatility, Bitcoin’s long-term reputation and ongoing participation by institutional investors have gradually made it a “safe haven” in the crypto market.

Overall, the current market structure indicates that Bitcoin remains the most defensive core asset among cryptocurrencies, while most altcoin sectors, lacking additional capital inflows, still face relatively short-term pressure. (Cointelegraph)