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Bitwise: Crypto market records third consecutive quarter of negative returns in Q2, prediction market trading volume hits record $43.2 billion

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Wu Says reports that Bitwise published its Q3 2026 crypto market review, stating that in Q2, the Bitwise 10 Large Cap Crypto Index fell 15.4%, with 8 of the 10 component assets declining. Spot Bitcoin ETFs recorded the worst quarterly net outflows on record. On-chain activity, trading volume, and DeFi assets all declined, and the correlation between crypto markets and equities increased. During the same period, prediction market trading volume reached a new high of $43.2 billion, up nearly 18 times year-on-year. Tokenized real-world assets grew 50.3% year-to-date to $32.89 billion. The Bitwise Crypto Innovators 30 Index rose 30.6%. Stablecoin settlement volume was 2.3 times that of Visa, and stablecoins hold more U.S. Treasury bonds than most countries. Hyperliquid, PancakeSwap, and Aave each generated approximately $900 million in revenue over the past year. Bitwise stated that it has now recorded negative returns for three consecutive quarters, the longest stretch since 2022, but compared to the 2022 bear market bottom, Ethereum transaction activity has grown about 13 times, DeFi total value locked (TVL) has grown over 60%, and stablecoin assets under management have roughly doubled.
BTC1.61%
V0.15%
HYPE1.67%
CAKE-0.42%
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雾里看TVL
· 7h ago
The Q2 data is indeed ugly, but the growth of tokenized real-world assets and the Crypto Innovators index shows that structural opportunities remain. The key is not to be washed out by short-term fluctuations.
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ColdBrewYield
· 7h ago
ETF fund outflows hit a new high + three consecutive quarters of negative returns. This combination sounds familiar—a similar script played out at the end of 2022, after which Ethereum activity surged 13 times. History doesn't repeat, but it rhymes.
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