Bitcoin
Bitwise Reports Strong Third-Quarter Rebound Across Digital Asset Markets
An executive at Bitwise cited a 46.4% index gain and $6 billion in Bitcoin ETF inflows as indicators of a broader market turnaround.
Bitwise chief investment officer Matt Hougan described the third quarter as potentially one of the strongest in crypto market history, pointing to sharp price recoveries and expanding on-chain activity. In its quarterly report, the asset manager documented a 46.4% quarterly gain for its large-cap crypto index alongside $6 billion in net inflows into US spot Bitcoin exchange-traded funds.
The quarterly gains were widespread among major digital assets, with all 10 index constituents posting double-digit advances. Bitcoin rose 42.3% during the period, while Ether and Solana gained 69.1% and 59.2%, respectively, led by Chainlink's 97.6% increase.
Growth also extended to adjacent market segments, as tokenized equities expanded by 65.5% to reach nearly $3.2 billion. Simultaneously, open interest on decentralized perpetual futures reached a record high of nearly $26 billion, driven by contracts tied to foreign exchange, commodities, and equities.
Despite broad market gains, the recovery did not reach all industry segments. Shares of Bitcoin mining firms Riot Platforms and Hut 8 dropped 26.4% and 25.4% respectively during the quarter, while Galaxy Digital fell 16.8%. Market observers also remain divided on market direction, with Bitget analyst Ryan Lee stating that further metrics are required before confirming a definitive market bottom.
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