Ethereum
Bitwise Cites Third-Quarter Index Gains and On-Chain Growth as Market Rebounds
A quarterly review from Bitwise shows major tokens posted double-digit gains alongside a surge in tokenized assets and ETF inflows.
Bitwise's third-quarter market review reported a 46.4% rise in its large-cap crypto index, driven by surging on-chain activity and $6 billion in net inflows into US spot Bitcoin exchange-traded funds. Chief investment officer Matt Hougan suggested the widespread upward trend across fundamental indicators signaled the beginning of a broader market recovery.
Every constituent within the Bitwise 10 Large Cap Crypto Index registered double-digit returns during the quarter. Ether gained 69.1%, Bitcoin rose 42.3%, and Solana increased 59.2%, while Chainlink led performance across the index with a 97.6% advance.
The quarter also saw significant expansion in decentralized derivatives and tokenized assets. Tokenized equity valuations grew 65.5% to approximately $3.2 billion, while open interest across decentralized perpetual futures hit an all-time high near $26 billion.
The rebound was not universal across related equities, however. Bitcoin miners Riot Platforms and Hut 8 saw their shares fall by 26.4% and 25.4% over the quarter, and Galaxy Digital fell 16.8%. Additionally, analysts such as Bitget's Ryan Lee expressed caution, noting that further indicators are needed to verify whether a market bottom has been established.
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