🔎 Identify Real Leaders

We keep returning to crypto as a key investment theme — and for good reason.

The largest cryptocurrency, which represents 65% of the investable asset class, is breaking out to all-time highs.

The Bitwise Crypto Industry Innovators ETF ($BITQ) has staged a strong recovery, rallying 60% off the lows.

But when you price it in Bitcoin ($BTC), the story shifts.

It’s a powerful reminder: changing the denominator can reveal how strong an asset really is — or whether its strength is simply riding the coattails of something else.

In a market like this, where headlines often focus on nominal gains, it's worth asking: What’s actually outperforming — and what’s just keeping pace?

That shift in perspective can make all the difference in identifying real leadership versus passive beneficiaries.