Key Takeaways
- • Bitwise's large-cap crypto index rose 46.4% in Q3 2026, with all 10 constituents posting double-digit quarterly gains, according to the firm's quarterly market review.
- • US spot Bitcoin ETFs recorded $6 billion in inflows during the quarter, moving year-to-date net flows back into positive territory.
- • Tokenized equities rose 65.5% to about $3.2 billion, and open interest in decentralized perpetual futures hit a record near $26 billion.
- • Bitwise's large-cap index remained down 6.2% year-to-date through September, and bitcoin miners Riot Platforms and Hut 8 fell 26.4% and 25.4% in Q3.
- • CIO Matt Hougan characterizes the rebound as a possible "crypto spring," a thesis Bitwise says will depend on whether Q3 gains persist into later quarters.
Summary
Bitwise CIO Matt Hougan argues that crypto's recent rebound could mark the start of a "crypto spring," citing stronger price action and expanding onchain activity. In the firm's quarterly market review, released on a Thursday and reported by MENAFN via Crypto Breaking, Bitwise said its large-cap crypto index gained 46.4% in Q3. Individual performance included Bitcoin up 42.3%, Ether up 69.1%, Solana up 59.2%, and Chainlink (LINK) up 97.6%, the top performer in the group.
The rebound extended beyond token prices. According to Bitwise, US spot Bitcoin ETFs took in $6 billion of inflows, returning year-to-date net flows to positive territory. The firm also reported that tokenized equities climbed 65.5% to nearly $3.2 billion, and that open interest in decentralized perpetual futures reached a record near $26 billion, with a growing share tied to exposures such as stocks, commodities, foreign exchange and pre-IPO shares.
The recovery was uneven. Bitwise reported declines for Riot Platforms (down 26.4%), Hut 8 (down 25.4%) and Galaxy Digital (down 16.8%) in Q3. The number of public companies holding Bitcoin fell nearly 6% to 173, although their combined holdings rose 0.5%. Public Ether holders declined from 40 to 35. Despite the quarter's gains, the large-cap index was still down 6.2% year-to-date through September.
Looking forward, Bitwise expects the SEC's "innovation exemption" to bring billions more in tokenized assets onto blockchains, potentially moving tokenization from pilot projects to production. The firm also cited more than $6 trillion in perpetual futures volume year-to-date across venues such as Hyperliquid and Lighter, up 42% from a year earlier. Bitwise says the thesis will hinge on whether ETF inflows persist, tokenized assets keep scaling, and perp open interest continues to rise.
The rebound extended beyond token prices. According to Bitwise, US spot Bitcoin ETFs took in $6 billion of inflows, returning year-to-date net flows to positive territory. The firm also reported that tokenized equities climbed 65.5% to nearly $3.2 billion, and that open interest in decentralized perpetual futures reached a record near $26 billion, with a growing share tied to exposures such as stocks, commodities, foreign exchange and pre-IPO shares.
The recovery was uneven. Bitwise reported declines for Riot Platforms (down 26.4%), Hut 8 (down 25.4%) and Galaxy Digital (down 16.8%) in Q3. The number of public companies holding Bitcoin fell nearly 6% to 173, although their combined holdings rose 0.5%. Public Ether holders declined from 40 to 35. Despite the quarter's gains, the large-cap index was still down 6.2% year-to-date through September.
Looking forward, Bitwise expects the SEC's "innovation exemption" to bring billions more in tokenized assets onto blockchains, potentially moving tokenization from pilot projects to production. The firm also cited more than $6 trillion in perpetual futures volume year-to-date across venues such as Hyperliquid and Lighter, up 42% from a year earlier. Bitwise says the thesis will hinge on whether ETF inflows persist, tokenized assets keep scaling, and perp open interest continues to rise.
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