Written by Ryan Rasmussen, Head of Research at Bitwise
Compiled by: Luffy, Foresight News
Each quarter, we publish the Bitwise Cryptocurrency Market Review, a report featuring over 50 charts covering comprehensive data on market performance, on-chain fundamentals, institutional adoption, and more.
Data always paints a comprehensive picture of the industry. Sometimes it reflects purely bullish or bearish signals, but more often, bullish and bearish information intertwine, with both highlights and headwinds present—warranting deeper analysis. This was precisely the case in the second quarter: fundamental metrics such as crypto-related revenue, real-world asset adoption, and institutional positioning all showed strong improvement, driving a significant rally in crypto-related stocks, while the prices of major crypto assets overall declined. How should we interpret this divergence?
If you want to quickly grasp the key takeaways, here are the five most important charts I believe you should see.
Crypto-related stocks and cryptocurrency prices have diverged significantly.
In the first half of 2026, the overall crypto asset class declined by 36%; during the same period, only gold experienced a parallel drop, falling 7%, while all other major asset classes rose. This is also why this crypto bear market has been particularly difficult: crypto is the only sector bearing the pressure.
In stark contrast, cryptocurrency-related stocks rose 23% year-to-date, outperforming all major asset classes except emerging market equities. The Bitwise Crypto Innovation 30 Index, which tracks 30 leading publicly traded crypto companies, delivered more than double the return of the S&P 500.
This data set conveys a key signal: even in a bear market, the cryptocurrency industry remains rich with investment opportunities. Bitcoin mining companies are benefiting from the AI industry’s growth; stablecoin issuers and asset tokenization platforms continue to attract Wall Street business; and the integration between traditional finance and crypto markets is deepening. I anticipate a recovery in the crypto market in the second half of the year, but the first half has already confirmed one fact: crypto is not a single asset class—it’s a diverse ecosystem with dynamic development, requiring a broader perspective to fully understand.
Performance comparison of cryptocurrencies versus major asset classes; data sources: Bitwise, Bloomberg; data as of June 30, 2026
The revenue scale of the crypto app is substantial.
Over the past 12 months, the top ten crypto applications globally generated a combined revenue of $5.9 billion; the top three—PancakeSwap, Hyperliquid, and Aave—each generated nearly $1 billion in revenue.
Even in a bear market, these products remain businesses with stable cash flows, generating revenue from trading fees, lending interest, and staking rewards. Whenever someone questions whether the crypto industry has real fundamentals, I point to this chart.
Top ten cryptocurrency applications by revenue, data source: Bitwise, Token Terminal; period: January 1, 2025 – June 30, 2026
Real-world asset (RWA) tokenization is entering a bull market.
U.S. Treasury Secretary Scott Bessent stated several weeks ago: "Digital assets, stablecoins, asset tokenization, and new payment systems will collectively shape the future of the monetary system."
In a sense, the future he described has already arrived. The total value of tokenized real-world assets reached a record high of $33 billion in the second quarter, up 12% quarter-over-quarter and 45% year-to-date, driven primarily by tokenized U.S. Treasuries, corporate credit, equities, and venture capital shares.
This chart clearly shows that leading global asset management firms are significantly moving real-world assets onto the blockchain—a trend worth monitoring closely.
Value of tokenized real-world assets (RWA), data source: Bitwise Asset Management, RWA.xyz; time period: January 1, 2020 – June 30, 2026
The market size is expected to continue expanding.
In Q2, open interest in prediction markets reached a record high of $1.8 billion, with sports events becoming the core trading category; quarterly total trading volume also hit a new record at $43 billion.
Platforms like Polymarket reveal a hidden aspect of retail crypto adoption: millions of users bet on real-world event outcomes using crypto-based tools, yet the vast majority are unaware of and unconcerned about the underlying blockchain technology.
As the U.S. midterm elections approach, I anticipate that trading volume and open interest in prediction markets will repeatedly hit new all-time highs this year. 2024 was the year that election-related themes brought prediction markets into the mainstream, after which the industry’s scale tripled.
Forecast of changes in open interest in prediction markets; data sources: Bitwise, Blockworks; time period: January 1, 2023 – June 30, 2026
Cryptocurrency-related stocks have low correlation with mainstream assets.
Returning to cryptocurrency-themed stocks, the most valuable chart shows the Bitwise Crypto Innovation 30 Index alongside 90-day rolling correlations with major asset classes. The key takeaway is that, compared to the broader U.S. stock market, this index has lower correlation with nearly all other assets—including developed market equities, emerging market equities, U.S. REITs, U.S. Treasuries, and gold. The only exception is commodities, which exhibit negative correlations.
In short, crypto-related stocks in the first half of 2026 delivered twice the return of the broader U.S. stock market, while exhibiting low correlation with the majority of assets in a portfolio. This combination of high returns and risk diversification makes them an attractive allocation for institutional investors.
90-day rolling correlation comparison of various assets; data sources: Bitwise, Bloomberg; statistics as of June 30, 2026
Summary
That concludes my comprehensive analysis of the second-quarter market. While the report includes over 50 charts and cannot directly answer the most pressing question of the moment—whether cryptocurrency prices have hit bottom—all the data collectively demonstrate that the fundamental resilience of the crypto industry remains strong, with user base, revenue, and institutional adoption continuing to grow even during a bear market.
The current stage of the industry is highly valuable for research and serves as the foundational basis for the next bull market.