Bitcoin (BTC) Dominance Hits 57%, Highest Level Since November 2022

Dominance and Treasury Growth Diverge

Bitcoin (BTC) now commands its largest slice of the crypto market in nearly four years, even though corporate treasuries are growing fastest in a rival asset. Market dominance, the share of total crypto market capitalization held by a single asset, stood at about 57% for Bitcoin as of October 10, the highest reading since November 2022, according to a joint report by Glassnode and Fasanara Digital published on Friday, October 23. The two analytics firms compile corporate treasury balances and market share estimates across the major assets. Ethereum's (ETH) weight has slid to 11%, a level close to that of stablecoins, while small-cap tokens trade roughly 52% below their October 2025 peak, a drawdown about 18 percentage points deeper than the one across large assets. Growth in what companies hold tells the opposite story. Since December 2025, corporate Ethereum holdings have climbed 43%, ahead of 21% for Bitcoin and 7% for Solana (SOL). Corporate ETH now equals about 6.6% of total supply, and the report names staking yield as one of Ethereum's advantages for treasury buyers, because rewards accrue in kind, while Solana's corporate stockpiles have largely stalled. Past cycles spread strength from Bitcoin (BTC) into smaller coins; this one has pulled capital toward the largest assets instead. The divergence carries practical weight: Ethereum treasuries compound through staking without selling coins, an option Proof of Work Bitcoin does not offer, since its network pays no yield, so a staking-linked balance sheet grows on its own while a Bitcoin balance sheet grows only through fresh purchases. The Bitcoin price stands at $80,154, down 0.8% over 24 hours, which means the dominance gain reflects relative weakness elsewhere more than fresh upside of its own.

Our live monitoring reads the market as consolidating rather than trending, which fits a dominance gain driven by weakness elsewhere. Composite support and resistance scoring puts the $78,529 level at 98/100, with the $82,418 resistance marked 96/100, so both boundaries of the current range are well defended. Positioning stays mild: the perp funding rate reads 0.0039% and the long/short account ratio stands at 2.34, leaving no crowded side to unwind. A daily close above $82,418, or a break through $78,529, would be the first sign that the consolidation behind the dominance reading is resolving.

Strategy Anchors Two-Thirds of Corporate Holdings

Behind the aggregate figures sits heavy concentration in a single buyer. Strategy (MSTR) holds 848,000 Bitcoin (BTC), roughly two-thirds of all publicly disclosed corporate Bitcoin, and nearly all of the 180,000 BTC companies added this year came from its purchases. At that scale the company functions as a de facto strategic bitcoin reserve for public markets and, in plain terms, the sector's largest crypto whale. Spot ETFs are a softer source of demand: combined holdings stand at 1.3 million BTC, 6% below their October 2025 peak, with BlackRock's IBIT holding 62% of the total. The report also documents a parallel boom in derivatives written on traditional financial assets. Monthly volume on perpetual futures tied to stocks, indices and commodities grew from $23.5 billion in November 2025 to $778 billion in August 2026, a roughly 33-fold expansion that lifted their share of all perpetual trading from 0.5% to 23.5%. Binance, a later entrant than its competitors, still captured about 55% of that volume in August. For a sustained rebound the report sets four conditions: three consecutive months of net ETF inflows, continued spot buying pressure on Binance, a recovery in coin-denominated Bitcoin futures open interest, and broad improvement across market indicators. Early October fell short of that bar: 56% of the 45 indicators Glassnode tracks were neutral, and fewer than one in five showed positive or strong readings. The most recent weekly flow print gives partial support to the first condition, with spot Bitcoin ETFs drawing $304.77 million in net inflows last week. The price ledger still lags: a year-to-date ranking puts Bitcoin trailing all major assets with a 7.3% loss, even as Novogratz sees Bitcoin at $100,000 by year-end. Talk of bitcoin maximalism resurfaces whenever capital consolidates at the top of the market, and the report's own breakdown shows how narrow that top currently is. The standing the numbers leave behind is Strategy's: roughly two-thirds of all disclosed corporate Bitcoin sits in one treasury, and the dominance reading rests on it while the wider field of buyers waits on flows.