It was very hard to outperform Bitcoin. One thing which is already playing out but people act like it will happen is the fact that Distribution/L1s is getting repriced this cycle. $HOOD and $COIN have been one of few outliers actually outperforming. The market is already reallocating capital towards those who own a lot of KYC'd accounts and real equity rights.
The only non-equity bet you could have bid in size and still outperform was $SOL. There is some nuance since if you picked SOL pre-FTX blowup, BTC would still have outperformed.
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