Bitwise: Crypto 'Winter' Deepest Yet, But Industry Fundamentals Stronger Than Ever
Bitwise calls Q2 2026 the worst vibes in crypto, with Bitcoin down 32.9% YTD and ETPs bleeding billions. Despite the pain, the firm argues industry fundamentals are the strongest they've ever been, with structural demand outstripping new supply.
Bitwise's Q3 2026 report paints a grim picture for Q2, labeling it the deepest crypto downturn since the last bear market. Bitcoin plunged 13.4% in the quarter, hitting nine months of negative returns and extending the 'crypto winter' to its longest stretch yet. Even with the dismal sentiment, Bitcoin outperformed its peers, holding its dominant market share and acting as a relative safe haven.