RWA tokenization up 50% in half a year, DeFi TVL quietly doubled—institutions are retreating, builders are laying the foundation, a familiar script

Bitwise publishes Q3 2026 review: Q2 top ten coin index fell 15.4%, spot BTC ETF outflows hit record high; on-chain, trading volume and DeFi declined, market correlation with stock market increased. Expected market trading volume reaches $43.2 billion, up nearly 18 times from last year; tokenized real-world assets to $32.89 billion, up 50.3%; Crypto Innovators 30 index +30.6%. Third consecutive quarter of negative returns, but Ethereum activity up 13x from end of 2022, DeFi TVL up 60%+, stablecoin assets doubled.