DeFi researcher Ignas identified only three token categories that have outperformed Bitcoin year-to-date: trading, AI, and privacy tokens. Trading protocols led the pack with DRV surging 665%, HYPE gaining 200%, PUMP rising 121%, and RAY climbing 106%. The performance is driven by speculative trading generating fee revenue for protocols, which then supports token value through buyback mechanisms. AI tokens posted strong gains as well, with VVV leading at 1,431%, followed by NEAR at 203% and GRASS at 151%. Privacy tokens also beat BTC, with ZEC up 137% and XMR gaining 37%. Additionally, institutional adoption plays QNT and MORPHO rose 173% and 89% respectively. Outside these categories, most tokens have underperformed this year, making revenue-generating capability a key filter for traders seeking alpha in current market conditions.