In the latest issue of State of the Network, Tanay Ved observes from @CoinMetrics data that #crypto capital is concentrating in larger assets and liquidity pools as the investment universe expands, with #Bitcoin dominance rising and the #altcoin segment narrowing, highlighting structural shifts in market composition. Key Takeaways: 🔹 As the crypto investment universe expands, capital is becoming more selective across a smaller set of assets: Bitcoin dominance is in a sustained uptrend, while growth in stablecoins and onchain derivatives compresses the space for the altcoin segment. 🔹 The altcoin segment is narrowing and becoming more top‑heavy, with the top 10 altcoins now representing about 82% of its value, up from roughly 70% over the prior five years. 🔹 Large caps have decisively outperformed mid and small caps since 2023, and post‑shock behavior has reinforced a preference for more liquid, established assets. ➡️ Read the full issue: ow.ly/ref750Y0ify