Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
ADA 
BTC 
ETH 
HYPE 
SOL 
XLM 
XRP Bitwise Q2 2026 Cryptocurrency Market Review: Prices fell but fundamentals improved
Bitwise\'s second quarter 2026 cryptocurrency market review shows that its top ten cryptocurrency indices fell 15.4% in the previous quarter, the third consecutive quarter of decline and the longest decline cycle since 2022. However, the same report noted that despite falling prices, cryptocurrency areas such as stablecoins, tokenized assets and forecast markets are actually strengthening.
Crypto prices fell, but fundamentals continued to improve.
According to Bitvez data, eight of the ten component assets in the index closed down in the second quarter. The worst performer was Cardano (ADA), which fell nearly 40% in the second quarter and has fallen more than 56% year-to-date. Ethereum and Ripple (XRP) fell 24.66% and 20.79% respectively, while Solana\'s decline was relatively moderate, at 10.87%, but has plunged 40.61% year-to-date. Bitcoin itself has just experienced its worst June in four years, falling below US$60,000. As of writing, it has fallen by about 49% from its all-time high of more than US$126,000 in October 2025. This round of decline has lasted for about nine months.
However, two assets in the large cryptocurrency index bucked the trend: Hyperliquid (HYPE) rose 79% and Stellar Lumens (XLM) rose more than 10%. However, XLM is down 6.71% year-to-date, while HYPE remains up, soaring nearly 158%. Another report from CryptoQuant showed that about 40% of altcoins traded near historical lows, climbing to about 45% when Bitcoin fell below the aforementioned $60,000.
According to the Beatvis Market Review, on-chain activity, trading volume and the total locked value (TVL) of decentralized finance (DeFi) also declined. However, it is not entirely bright. Market trading volume is forecast to reach a record $43.2 billion in the second quarter, almost 18 times higher than the same period last year. At the same time, tokenized real-world assets have grown by more than 50% so far this year to nearly $33 billion, while crypto-focused stocks have also outperformed the broader digital asset market, compared with the Tevis Crypto Innovators 30 Index, which rose 30.6%.
The asset management company also pointed out that the value of stablecoin settlements is 2.3 times that of Visa, and that the value of stablecoins collectively holds more U.S. Treasury bonds than countries such as Norway, India, Brazil and Saudi Arabia. In addition, the report notes that revenue generation in crypto apps has become more concentrated, with Hyperliquid, PancakeSwap and Aave each generating approximately $900 million in revenue in the past year.
Market size is twice as large as it was at the last bottom
When Beatvez compares current activity levels to the same period in the 2022 cycle, the difference is particularly evident outside of the price chart. For example, the transaction volume of Ethereum was about 13 times higher than at the time, and the total locked value of DeFi was more than 60% higher than at the time. In addition, the size of assets managed by stablecoins has doubled. The report said that only prices have failed to keep up with growing usage and infrastructure, and the current valuation of cryptocurrencies remains at levels seen in the last bear market, although the industry is operating almost twice as large as it was then and is more liquid, and the participation of traditional financial companies is clearer.
