Bitwise Chief Investment Officer Matt Hougan said the third quarter could end up being one of the strongest periods in crypto history, pointing to a sharp rebound in prices and continued expansion across on-chain markets as signs of what he called the start of a "crypto spring." In Bitwise’s quarterly market review, the firm’s broad crypto index gained 46.4% in Q3, while U.S. spot Bitcoin exchange-traded funds posted $6 billion in inflows during the same period, pushing year-to-date net flows back into positive territory. The report said the advance was not limited to token prices. The value of tokenized stocks rose 65.5% to nearly $3.2 billion, and open interest in decentralized perpetual futures climbed to a record near $26 billion. Within that market, the share tied to stocks, commodities, foreign exchange and pre-IPO shares kept increasing. Major crypto assets also posted strong quarterly gains, with Bitcoin up 42.3%, Ether up 69.1% and Solana up 59.2%. All 10 assets in Bitwise’s large-cap index rose by double digits, led by Chainlink at 97.6%. Still, the rebound was uneven, with shares of Riot Platforms, Hut 8 and Galaxy Digital falling, and the number of public companies holding Bitcoin or Ether also declining.
Bitwise Chief Investment Officer Matt Hougan said the third quarter could be one of the best quarters in crypto history, citing a sharp price rebound and continued growth in on-chain markets as signs of the start of a "crypto spring."
In Bitwise’s quarterly market review, the firm said its broad crypto index rose 46.4% in Q3. Over the same period, U.S. spot Bitcoin ETFs recorded $6 billion in inflows, bringing year-to-date net inflows back into positive territory.
Growth extended beyond token prices
The report said the expansion was not limited to crypto prices. The value of tokenized stocks rose 65.5% to nearly $3.2 billion. Open interest in decentralized perpetual futures reached a record near $26 billion, with a growing share tied to stocks, commodities, foreign exchange and pre-IPO shares.
Major assets posted broad-based gains
Bitcoin rose 42.3% in Q3, while Ether and Solana gained 69.1% and 59.2%, respectively. All 10 assets in Bitwise’s large-cap crypto index posted double-digit quarterly gains, with Chainlink leading the group at 97.6%.
Some segments lagged the rebound
The rally did not lift every part of the industry. Shares of Bitcoin miners Riot Platforms and Hut 8 fell 26.4% and 25.4% in Q3, while Galaxy Digital dropped 16.8%. The number of public companies holding Bitcoin also fell by nearly 6% to 173, and the number holding Ether declined from 40 to 35.
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