Wu Says, learning that Bitwise released its Q3 2026 crypto market review, reported that in Q2 the Bitwise 10 Large Cap Crypto Index fell 15.4%, with 8 of the 10 constituent assets declining. Spot Bitcoin ETFs recorded the worst quarterly net outflows since records began. On-chain activity, trading volume, and DeFi assets all fell, while the correlation between the crypto market and stocks increased. Meanwhile, prediction market trading volume hit a new high of $43.2 billion, up nearly 18 times year over year. Tokenized real-world assets grew 50.3% within the year to $32.89 billion. The Bitwise Crypto Innovators 30 Index rose 30.6%. Stablecoin settlement volume was 2.3 times that of Visa, and the U.S. Treasury bonds held by stablecoin issuers exceeded those held by most countries. Over the past year, Hyperliquid, PancakeSwap, and Aave each generated approximately $900 million in revenue. Bitwise stated that this is now the third consecutive quarter of negative returns, the longest streak since 2022; however, compared with the bottom of the 2022 bear market, Ethereum trading activity has grown by about 13 times, DeFi total value locked has increased by more than 60%, and stablecoin assets under management have roughly doubled.