Bitwise’s data is brutal—record outflows from the BTC ETF, and 80% of assets fell, while the correlation between crypto and stocks actually rose. When traditional capital retreated, it dragged the crypto market down with it—are we seeing the shadow of the long bear market of 2022 return?

Cointelegraph report: Bitwise said the crypto market has recorded its longest losing period since 2022, with negative returns in three consecutive quarters. Despite continued expansion in multiple blockchain activity metrics, prices of large-cap assets have been weak; BTC ETF flows out hit a record high, and activity slowed across several market segments. Bitwise’s top 10 by market cap crypto index fell 15.4% in Q2 2026, with 8 of the 10 digital assets recording negative returns by the end of the quarter. Despite the price drop, Bitwise noted that the market has seen negative returns for three consecutive quarters and that the correlation between crypto assets and stocks increased during the same period.