The median return among the top 20 crypto assets is a 15% loss year-to-date, while the average return is up 14%, according to Bitwise's Matt Hougan. The gap shows that a few winners are lifting the average while most large-cap tokens lose ground.
The typical large-cap crypto asset is having a rough year. Bitwise Chief Investment Officer Matt Hougan said the median return among the top 20 crypto assets sits at a 15% loss year-to-date.
Across that same group, however, the average return is up 14%. Hougan shared both figures on X on November 2, 2026.
Why the median and the average diverge
The two numbers measure different things. The median is the middle value: line up all 20 assets from worst to best performer, and it shows what the asset in the middle of the pack did. The mean is the simple average, found by adding every return and dividing by 20.
When the median is negative and the mean is positive, more of the top 20 are losing ground than gaining it. The winners, however, gain enough to offset everyone else.
Hyperliquid and Zcash lift the average
Hougan pointed to Hyperliquid (HYPE) and Zcash (ZEC) as the outliers pulling the average higher.
He did not publish a formal Bitwise report with the comments, and he did not share a ranked list of the top 20 assets with their individual returns. The figures appear to draw on internal or index data.
What the gap means for investors
Hougan has floated a long-term Bitcoin target of $1.6 million by 2036. That optimism sits beside a more sobering near-term snapshot, because believing in the structural story for the asset class does not mean every top-20 token participates in it.
A headline saying the top 20 crypto assets are up 14% on average would be technically accurate. It would also misrepresent what a holder of a typical large-cap token experienced.
Averages driven by a couple of standout assets are fragile. If the outliers reverse, the mean can fall quickly, while the median may barely move because most assets were already down.
Source: Crypto Briefing
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