Bitwise’s report is pretty painful: three consecutive quarters of negative returns, the ETF also saw a record outflow, and on-chain data has fallen across the board. It feels like this crypto winter will last longer than expected.

Crypto market news: Bitwise said the crypto market recorded negative returns for a third consecutive quarter in the second quarter of 2026, the longest losing cycle since 2022. The Bitwise Top 10 large-cap crypto index fell 15.4% in that quarter, with 8 of the 10 assets posting losses during the period. In addition, spot Bitcoin ETFs also recorded their worst outflow quarter since launch. Bitwise’s report said that in the second quarter, on-chain activity, trading volume, and assets in decentralized finance protocols all declined, while the correlation between crypto assets and stocks increased, making digital asset prices more closely tied to traditional risk markets.