Key Takeaways
- • Bitwise's large-cap crypto index rose 46.4% in Q3 2026 as crypto prices and onchain activity rebounded, though the index remained down 6.2% year to date through September.
- • Bitcoin gained 42.3%, Ether rose 69.1% and Solana climbed 59.2%, with all 10 index constituents posting double-digit gains and Chainlink leading at 97.6%.
- • U.S. spot Bitcoin ETFs took in $6 billion during the quarter, returning year-to-date net flows to positive territory.
- • Tokenized equities grew 65.5% to nearly $3.2 billion, and decentralized perpetual futures open interest reached a record near $26 billion.
- • Crypto-linked equities lagged the rally: Riot Platforms fell 26.4%, Hut 8 fell 25.4% and Galaxy Digital fell 16.8%.
Summary
Bitwise's large-cap crypto index rose 46.4% in the third quarter of 2026 as crypto prices and onchain activity rebounded, according to the firm's quarterly report. The gain narrowed the index's losses but it remained down 6.2% for the year through September. Bitcoin (BTC) gained 42.3% during the quarter, Ether (ETH) rose 69.1% and Solana (SOL) climbed 59.2%. All 10 assets in the index recorded double-digit gains, and Chainlink (LINK) led the group with a 97.6% increase.
Bitwise Chief Investment Officer Matt Hougan said Q3 'may have been one of the best quarters in crypto's history' and described a sharp upturn in the firm's tracked indicators as 'the start of a crypto spring.' Flows into regulated products were a key driver. U.S. spot Bitcoin exchange-traded funds took in $6 billion during the quarter, returning year-to-date net flows to positive territory. Tokenized equities grew 65.5% to nearly $3.2 billion, and decentralized perpetual futures open interest reached a record near $26 billion, with a growing share of contracts linked to stocks, commodities, currencies and pre-IPO shares.
The rally did not extend across the industry. Bitcoin miners Riot Platforms and Hut 8 saw their shares decline 26.4% and 25.4%, respectively, while Galaxy Digital shares fell 16.8%. The number of public companies holding Bitcoin fell nearly 6% to 173, although their combined holdings grew 0.5%. Public companies holding Ether declined to 35 from 40, while their combined holdings rose.
Looking ahead, Bitwise expects the SEC's innovation exemption to draw billions of dollars more in tokenized assets onto blockchains in the fourth quarter. The firm also expects perpetual futures activity to accelerate as U.S. investors enter the market. More than $6 trillion was traded year to date across venues including Hyperliquid and Lighter, up 42% from the same period a year earlier.
Bitwise Chief Investment Officer Matt Hougan said Q3 'may have been one of the best quarters in crypto's history' and described a sharp upturn in the firm's tracked indicators as 'the start of a crypto spring.' Flows into regulated products were a key driver. U.S. spot Bitcoin exchange-traded funds took in $6 billion during the quarter, returning year-to-date net flows to positive territory. Tokenized equities grew 65.5% to nearly $3.2 billion, and decentralized perpetual futures open interest reached a record near $26 billion, with a growing share of contracts linked to stocks, commodities, currencies and pre-IPO shares.
The rally did not extend across the industry. Bitcoin miners Riot Platforms and Hut 8 saw their shares decline 26.4% and 25.4%, respectively, while Galaxy Digital shares fell 16.8%. The number of public companies holding Bitcoin fell nearly 6% to 173, although their combined holdings grew 0.5%. Public companies holding Ether declined to 35 from 40, while their combined holdings rose.
Looking ahead, Bitwise expects the SEC's innovation exemption to draw billions of dollars more in tokenized assets onto blockchains in the fourth quarter. The firm also expects perpetual futures activity to accelerate as U.S. investors enter the market. More than $6 trillion was traded year to date across venues including Hyperliquid and Lighter, up 42% from the same period a year earlier.
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