PANews July 10 news, Bitwise released its Q3 2026 crypto market review report. The report shows that in Q2, the Bitwise 10 Large Cap Crypto Index fell 15.4%, with 8 of its 10 constituents declining; spot Bitcoin ETFs recorded their worst quarter of outflows; on-chain activity, trading volume and DeFi assets all slipped; the correlation between crypto and equities rose, marking a third consecutive quarter of negative returns—the longest losing streak since 2022. However, the report also highlights several bright spots: prediction market trading volume reached $43.2 billion, up nearly 18x year-over-year; tokenized RWAs grew 50.3% this year to $32.89 billion; the Bitwise Crypto Innovators 30 Index rose 30.6%; stablecoin settlement volume was 2.3x that of Visa, and stablecoin issuers hold more U.S. Treasuries than most countries; Hyperliquid, PancakeSwap and Aave each generated roughly $900 million in revenue over the past year.
Bitwise noted that compared to the bottom of the 2022 bear market, Ethereum trading activity has grown about 13x, DeFi total value locked (TVL) is up over 60%, and stablecoin AUM has roughly doubled—only price has not caught up. Prices reflect bear market valuations, but the industry’s size is already twice that of the previous cycle’s bottom—deeper liquidity, stronger fundamentals, and Wall Street has moved on-chain.