Bitcoin has declined by roughly a quarter over the past three months, yet it continues to outperform most other segments of the crypto market. According to on-chain data from analytics platform Glassnode, nearly all major crypto sectors have recorded even steeper losses. Capital continues to flow primarily into bitcoin, which investors increasingly view as a relatively safer haven amid uncertainty.

Glassnode stated on Tuesday that “the average return across nearly all crypto sectors over the past three months has underperformed Bitcoin.” The comment followed an analysis by Bitcoin Vector, which noted that the first half of the year was clearly bitcoin-driven, while conditions began to shift in the second half.

According to Bitcoin Vector, bitcoin dominance gradually declined, creating room for capital rotation toward ether. However, the trend failed to gain traction. “While dominance declined, Bitcoin was unable to fully reclaim leadership afterward,” the platform said, adding that recovery attempts following year-end events are once again losing momentum. This points to low market confidence in a clear leader and an ongoing search for stability.

Ethereum AI tokens and memecoins saw steeper losses

Glassnode’s data partially challenges this more skeptical view of Bitcoin. The largest cryptocurrency has fallen by approximately 26% over the past three months and is currently trading around $86,000.

Despite the correction, Bitcoin has still outperformed the broader crypto market. According to CoinMarketCap, total crypto market capitalization declined by 27.5% over the same period.

Individual altcoin segments fared significantly worse. Ethereum has dropped by roughly 36% since mid-September and is currently trading below $3,000. AI-related tokens fell by 48%, while the total market capitalization of memecoins plunged by as much as 56% over three months.

Other trends also suffered heavy losses. The real-world asset tokenization (RWA) segment declined by 46%, according to CoinMarketCap, while DeFi tokens lost approximately 38% over the same period, based on CoinGecko data.

Bitcoin as a relative safe haven

Analysts say these disparities suggest that investors continue to favor Bitcoin over riskier altcoins during periods of heightened uncertainty. “Data from the past three months indicate that capital inflows continue to favor Bitcoin, reflecting a strong investor preference for its stability,” said Nick Ruck, director of research at LVRG Research.

According to Ruck, capital concentration in Bitcoin underscores its dominant position in the market. Altcoins continue to struggle under current conditions and remain under pressure. Even after pulling back from all-time highs, Bitcoin remains the most resilient segment of the crypto market.

Recent developments suggest that while cryptocurrencies as a whole remain in a downturn, performance gaps between individual sectors are significant. For retail investors, this may further reinforce Bitcoin’s role as the primary anchor of the crypto market during turbulent times.

Sources:

https://x.com/glassnode/status/2000763999059583119

https://x.com/bitcoinvector/status/2000683535322255512

https://coinmarketcap.com/charts/