Key Takeaways
- • Bitwise CIO Matt Hougan called the third quarter of 2026 "one of the best quarters in crypto history," saying the market may be entering a "Crypto Spring" upcycle, according to a quarterly market report cited by Cointelegraph.
- • Bitwise's large-cap crypto index rose 46.4% in Q3, with Bitcoin up 42.3%, Ether up 69.1%, and Solana up 59.2%; all 10 index constituents posted double-digit gains, led by Chainlink at 97.6%.
- • US spot Bitcoin ETFs recorded about $6 billion in net inflows in Q3, turning year-to-date cumulative flows positive.
- • Tokenized stock market value rose 65.5% in Q3 to nearly $3.2 billion, and open interest in decentralized perpetual futures reached a record of about $26 billion.
- • The rebound was uneven: Riot Platforms and Hut 8 shares fell 26.4% and 25.4%, the number of listed companies holding Bitcoin dropped to 173, and the index remained down 6.2% year-to-date as of end-September.
Summary
Bitwise Chief Investment Officer Matt Hougan said in a recently released quarterly market report that the third quarter was among the strongest periods in the history of the cryptocurrency market, and that a new upcycle, which he termed "Crypto Spring," could be beginning. Cointelegraph reported the remarks on October 14. Hougan said prices, on-chain activity and ETF flows were all improving simultaneously. "Just three months ago, prices, on-chain activity and ETF flows were all weak," he said. "Now, almost every indicator has turned decisively higher."
Bitwise's large-cap crypto index gained 46.4% in the third quarter. Over the same period, Bitcoin rose 42.3%, Ether climbed 69.1% and Solana advanced 59.2%. All 10 tokens in the index posted double-digit gains, with Chainlink leading at 97.6%. US spot Bitcoin ETFs drew about $6 billion in net inflows during the quarter, turning cumulative flows for the year positive. Despite the rebound, the index was still down 6.2% for the year as of the end of September.
Tokenized assets and decentralized derivatives also expanded. The market value of tokenized stocks rose 65.5% in the quarter to nearly $3.2 billion, and open interest in decentralized perpetual futures reached a record of about $26 billion. Trading exposure is broadening beyond cryptocurrencies to include stocks, commodities, foreign exchange and shares of private companies. Bitwise expects growth in tokenized assets and decentralized derivatives to continue in the fourth quarter. It said billions of dollars could move onto blockchains such as Ethereum and Solana if the US Securities and Exchange Commission adopts an innovation exemption. Platforms including Hyperliquid and Lyra have already surpassed $6 trillion in cumulative perpetual futures trading volume this year, according to the report.
The recovery was not evenly distributed. Shares of Bitcoin miners Riot Platforms and Hut 8 fell 26.4% and 25.4%, respectively, over the quarter, while Galaxy Digital dropped 16.8%. The number of listed companies holding Bitcoin fell about 6% to 173, and public companies holding Ether declined to 35 from 40.
Bitwise's large-cap crypto index gained 46.4% in the third quarter. Over the same period, Bitcoin rose 42.3%, Ether climbed 69.1% and Solana advanced 59.2%. All 10 tokens in the index posted double-digit gains, with Chainlink leading at 97.6%. US spot Bitcoin ETFs drew about $6 billion in net inflows during the quarter, turning cumulative flows for the year positive. Despite the rebound, the index was still down 6.2% for the year as of the end of September.
Tokenized assets and decentralized derivatives also expanded. The market value of tokenized stocks rose 65.5% in the quarter to nearly $3.2 billion, and open interest in decentralized perpetual futures reached a record of about $26 billion. Trading exposure is broadening beyond cryptocurrencies to include stocks, commodities, foreign exchange and shares of private companies. Bitwise expects growth in tokenized assets and decentralized derivatives to continue in the fourth quarter. It said billions of dollars could move onto blockchains such as Ethereum and Solana if the US Securities and Exchange Commission adopts an innovation exemption. Platforms including Hyperliquid and Lyra have already surpassed $6 trillion in cumulative perpetual futures trading volume this year, according to the report.
The recovery was not evenly distributed. Shares of Bitcoin miners Riot Platforms and Hut 8 fell 26.4% and 25.4%, respectively, over the quarter, while Galaxy Digital dropped 16.8%. The number of listed companies holding Bitcoin fell about 6% to 173, and public companies holding Ether declined to 35 from 40.
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