Bitwise CIO stated that Q3 data points to a crypto spring

Bitwise Chief Investment Officer Matt Hougan stated that the third quarter may be one of the best-performing quarters in cryptocurrency history, with a significant price rebound and continuous growth in the on-chain market, pointing to the beginning of a "crypto spring." The quarterly market review released by Bitwise shows that its large-cap crypto index rose 46.4% in Q3, while the U.S. spot Bitcoin ETF recorded $6 billion in inflows during the same period, bringing the year-to-date net inflow back into positive territory.

The growth is not limited to coin prices. The value of tokenized stocks increased by 65.5% to nearly $3.2 billion, and the open interest in decentralized perpetual contracts reached a new high of nearly $26 billion, with the proportion linked to stocks, commodities, foreign exchange, and pre-IPO shares continuously rising. Bitcoin rose 42.3% in Q3, while Ethereum and Solana increased by 69.1% and 59.2%, respectively. All ten constituent assets of the large-cap index recorded double-digit quarterly gains, with Chainlink leading at a 97.6% increase.

The rebound did not cover all sectors of the industry. Bitcoin mining companies Riot Platforms and Hut 8 saw their stock prices drop by 26.4% and 25.4% in Q3, respectively, while Galaxy Digital fell by 16.8%; the number of publicly traded companies holding Bitcoin decreased by nearly 6% to 173, and the number of companies holding Ethereum dropped from 40 to 35.