Bitcoin has maintained its position as the preferred crypto asset, outperforming 15 of the top 20 tokens by market cap over the past month with a 3.7% return, while most major altcoins posted negative performance.

Bitcoin dominance has climbed back to 62%, reclaiming the highs reached in May and suggesting continued flight-to-quality behavior among crypto investors. The sluggish altcoin performance indicates that the anticipated "alt season" has yet to materialize, with capital remaining concentrated in Bitcoin rather than flowing into riskier alternative tokens.

Bitcoin Cash emerged as a notable exception, posting a 25% return that significantly outpaced Bitcoin's modest gains. This outperformance has been partly thanks to unsubstantiated speculation that an old Bitcoin whale has woken up to sell large amounts of Bitcoin to buy Bitcoin Cash.

Investor attention appears increasingly focused on crypto equity exposure rather than direct token ownership, with stocks like Coinbase (38.98%), Robinhood (30%), and Circle (126.81%) delivering substantial returns over the past month. This preference for regulated equity vehicles over direct crypto exposure suggests institutional investors may view crypto stocks as a more palatable way to gain cryptocurrency market exposure.

The combination of strong crypto equity performance and continued corporate treasury announcements may perpetuate altcoin underperformance. Bitcoin dominance could continue testing the high 60% range if this institutional preference for Bitcoin-focused products persists while altcoin narratives struggle to capture mainstream attention.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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