Bitwise Q2 Recap: Crypto Market Experiences Price and Volume Decline, Predicts Market Trading Frenzy

BlockBeats News, July 10th, Bitwise released the Q3 2026 Cryptocurrency Market Review report. The report shows that in the second quarter, the Bitwise Top 10 Market Cap Crypto Index fell by 15.4%, with 8 out of the 10 components experiencing a decline; the Spot Bitcoin ETF saw the worst quarterly outflows; on-chain activity, trading volume, and DeFi assets all declined. The cryptocurrency market showed increased correlation with the stock market, marking the third consecutive quarter of negative returns, the longest continuous decline since 2022. However, the report also highlighted several bright spots: the forecasted market trading volume reached $43.2 billion, nearly 18 times year-on-year growth; Tokenized Real-World Assets (RWA) grew by 50.3% to $328.9 billion this year; the Bitwise Crypto Innovators 30 Index rose by 30.6%; stablecoin settlement volume is 2.3 times that of Visa, holding U.S. Treasuries surpass most countries; Hyperliquid, PancakeSwap, and Aave each generated approximately $900 million in revenue over the past year.

Bitwise stated that compared to the bear market bottom in 2022, Ethereum's transaction activity has grown by about 13 times, DeFi's locked value has increased by over 60%, stablecoin assets under management have nearly doubled, but only the price has not kept pace. The price reflects bear market valuations, but the industry's scale is now twice that of the last cycle's bottom, with deeper liquidity, stronger fundamentals, and Wall Street already involved in on-chain activities.