Bitcoin Holds 57% of Crypto Market as Ethereum Treasury Holdings Grow
A report said Bitcoin held roughly 57% of the digital-asset market as of Oct. 10, its highest share since November 2022. Corporate Ethereum holdings grew 43% since December 2025, compared with 21% for Bitcoin and 7% for Solana.
Bitcoin (CRYPTO: BTC) accounted for roughly 57% of the digital-asset market as of Oct. 10, its largest share since November 2022, according to Glassnode and Fasanara Digital. ### Why Capital Stayed Concentrated in Bitcoin In a report, Glassnode and Fasanara Digital said smaller tokens had fallen roughly 52% from their October 2025 peak, underperforming large-cap assets by about 18 points. The pattern differs from previous cycles, when Bitcoin gains typically spread to smaller coins over time.
Ethereum’s market share declined to 11% over the same period, roughly level with stablecoins. Bitcoin’s realized capitalization—a measure of the cost basis of capital held in the network—recorded its first positive month in nine during August, following a $44.5 billion drop from its November 2025 peak. The report’s liquidation model offers a possible explanation: estimated short exposure between $65000 and $70000 fell from $7 billion to $344 million in two days during August’s rally. The report said this suggests forced buying began the move before genuine demand took over.
### Why Corporate Treasuries Are Shifting Toward Ethereum Corporate Ethereum (CRYPTO: ETH) holdings had increased 43% since December 2025, compared with 21% for Bitcoin and just Solana (CRYPTO: SOL) accounts for 7% of the market, while Ethereum treasuries now hold roughly 6.6% of its total supply. The report said staking income has partly supported Ethereum’s lead, whereas accumulation by Solana treasuries has largely stalled. Corporate Bitcoin holdings are much more concentrated than Ethereum’s.
Strategy (NASDAQ: MSTR) held 848,000 BTC, about two-thirds of disclosed corporate Bitcoin holdings, and accounted for nearly all of the 180,000 BTC added by named companies this year. Spot Bitcoin ETFs held 1.3 million BTC, 6% below their October 2025 peak. BlackRock’s (NYSE: BLK) IBIT represented 62% of that total. ### Why Traditional Assets Are Moving Onto Crypto Rails Monthly volume in perpetual futures linked to stocks, indices and commodities climbed from $23.5 billion in November 2025 to $778 billion in August 2026, an increase of roughly 33-fold.
Their share of all perpetual trading grew from 0.5% to 23.5%. Binance captured about 55% of that volume in August, despite entering the category after rivals. On Hyperliquid, perpetuals linked to traditional assets now trade at roughly four-fifths the volume of the platform’s own Bitcoin contracts, compared with under 1% in late 2024. The report identified four conditions for confirming a sustained recovery: ETF inflows extending into a third consecutive month; Binance spot-buying pressure remaining positive and steady; futures open interest rebuilding in BTC terms; and Glassnode market indicators moving into warmer territory.
As of early October, 56% of the firm’s 45 tracked indicators were neutral, while fewer than one-fifth were warm or hot.