The Five Most Important Crypto Charts From Q2

There are bull markets everywhere for those with the eyes to see.

Each quarter we publish the Bitwise Crypto Market Review, a report with more than 50 charts covering everything from market performance to onchain fundamentals to institutional adoption.

The data always paints a picture. Sometimes it's unequivocally bullish or bearish. But more often it’s mixed, with a blend of clouds and bright spots that demand a closer look. That was the case in Q2, when crypto fundamentals like revenue, real-world usage, and institutional adoption flourished, and crypto equities soared… all while crypto asset prices largely fell. What to make of all this?     

I encourage you to explore the report in its entirety here. But for those who want a quick summary of the biggest takeaways, here are what I consider the five most important charts.

1) Crypto Equities and Crypto Assets Diverged Big-Time

Halfway through 2026, crypto asset prices are down 36%. The only other major asset class in the red is gold, which is down 7%. Everything else is green. That’s one reason why this crypto winter feels so brutal—it’s a lonely winter. 

But here’s the thing: Crypto equities returned 23% in the first half, beating every major asset class except emerging market equities. In fact, the Bitwise Crypto Innovators 30 Index, which tracks the 30 largest publicly traded companies building the crypto economy, more than doubled the return of U.S. equities.

This tells me that, even in the midst of a bear market, investment opportunities continue to emerge across the crypto landscape. Bitcoin miners are benefiting from AI tailwinds. Stablecoin issuers and tokenization platforms are riding a wave of Wall Street adoption. TradFi and crypto are becoming increasingly interconnected. And while I expect crypto assets to bounce back in the second half, H1 reinforces something important: Crypto is not a single thing. It’s a diverse, dynamic space that should be viewed through a wide lens.

Performance of Crypto vs. Major Asset Classes

Source: Bitwise Asset Management with data from Bloomberg. Data as of June 30, 2026.

Note: Asset classes are represented by the following. Commodities: Deutsche Bank DBIQ Optimum Yield Diversified Commodity Index Total Return. Developed Market Equities: MSCI EAFE Gross Total Return USD Index. Emerging Market Equities: MSCI Emerging Markets Gross Total Return USD Index. Gold: Gold spot price. U.S. Bonds: FTSE US Broad Investment-Grade Bond Index. U.S. Equities: S&P 500 Total Return Index. U.S. REITs: MSCI U.S. REIT Gross Total Return Index.

All calculations are total return, including dividends for the stated period. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index. Index performance does not include the fees and expenses that are charged by any Fund. Fund returns may differ materially from the returns of an index. Past performance is no guarantee of future results. Please refer to additional important disclosures at the back of this document.

2) Crypto Applications Did Serious Revenue

The 10 largest crypto applications generated $5.9 billion in combined revenue over the past 12 months. The three largest (PancakeSwap, Hyperliquid, and Aave) brought in nearly $1 billion each.

These are functioning businesses earning fees from trading, lending, and staking—bear market notwithstanding. 

When skeptics tell me crypto has no fundamentals, this is the chart I send them. 

Top 10 Crypto Applications by Revenue

Source: Bitwise Asset Management with data from Token Terminal. Data from January 1, 2025 to June 30, 2026.

(1) Revenue is made up of the total fees paid by users.

(2) Hyperliquid revenue excludes HyperEVM fees.

3) The Real-World Asset (RWA) Bull Market

U.S. Secretary of the Treasury Scott Bessent said it himself just weeks ago: “Digital assets, stablecoins, tokenization, and new payment systems will help to shape the future of money.”

In a sense, the future he describes is already here. Tokenized real-world assets (RWAs) hit a record $33 billion in Q2, up 12% in the quarter and 45% since the start of the year, led by rapid growth in tokenized U.S. Treasuries, corporate credit, stocks, and venture capital.

When I look at this chart, I see the world’s largest asset managers moving assets onchain en masse at full speed. And that bears watching.

Value of Tokenized Real-World Assets (RWAs)

Source: Bitwise Asset Management with data from RWA.xyz. Data from January 1, 2020 to June 30, 2026.

Note: Stablecoin issuers such as Circle and Tether are intentionally omitted.

4) Prediction Markets Continue To Scale

Prediction markets open interest hit an all-time high in Q2 at $1.8 billion, with sports emerging as the heavyweight category. Trading volume set a record too, at $43 billion for the quarter.

Apps like Polymarket represent the often hidden nature of retail crypto adoption: Millions of people are using crypto rails to trade on real-world outcomes, but most of them don’t know or care that crypto provides the underlying technology.

I expect we will see several new all-time highs in prediction market volume and open interest this year as U.S. midterms approach. After all, politics is the category that put prediction markets on the map in 2024, and the market has tripled since then.

Prediction Markets Open Interest

Source: Bitwise Asset Management with data from Blockworks Research. Data from January 1, 2023 to June 30, 2026.

5) Crypto Equities Showed Low Correlation to Major Assets

Circling back to crypto equities, one of the most interesting charts shows the 90-day rolling correlation of the Bitwise Crypto Innovators 30 Index to other major asset classes. What’s particularly intriguing is that, compared to U.S. equities, it had lower correlations to almost everything else: developed market equities, emerging market equities, U.S. REITs, U.S. bonds, and gold. (The only exception is commodities, where both correlations are negative.)

In other words: In the first half of 2026, crypto equities more than doubled the returns of U.S. equities while carrying lower correlations to nearly everything else in a portfolio. That’s the sort of return and diversification profile that gets investors excited.

Correlations of Select Assets and Asset Classes: 90-Day Rolling

Source: Bitwise Asset Management with data from Bloomberg. Data as of June 30, 2026.

Note: Asset classes are represented by the following. U.S. Equities: S&P 500 Total Return Index. Developed Market Equities: MSCI EAFE Gross Total Return USD Index. Emerging Market Equities: MSCI Emerging Markets Gross Total Return USD Index. Commodities: Deutsche Bank DBIQ Optimum Yield Diversified Commodity Index Total Return. U.S. REITs: MSCI U.S. REIT Gross Total Return Index. U.S. Bonds: FTSE US Broad Investment-Grade Bond Index. Gold: Gold spot price.

That’s my read on the quarter. Of course, none of the 50+ charts will answer the question we’re being asked the most these days: “Have crypto prices bottomed?” But they do point to crypto’s stubbornly resilient fundamentals, and to a space where usage, revenue, and adoption keep compounding in the midst of a bear market.

To me, that’s really interesting territory to be in—and the foundation the next cycle gets built on.

Risks and Important Information

No Advice on Investment; Risk of Loss: Prior to making any investment decision, each investor must undertake its own independent examination and investigation, including the merits and risks involved in an investment, and must base its investment decision—including a determination whether the investment would be a suitable investment for the investor—on such examination and investigation.

Crypto assets are digital representations of value that function as a medium of exchange, a unit of account, or a store of value, but they do not have legal tender status. Crypto assets are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies, stocks, or bonds.

Trading in crypto assets comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks and risk of losing principal or all of your investment. In addition, crypto asset markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.

Crypto asset trading requires knowledge of crypto asset markets. In attempting to profit through crypto asset trading, you must compete with traders worldwide. You should have appropriate knowledge and experience before engaging in substantial crypto asset trading. Crypto asset trading can lead to large and immediate financial losses. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price.

The opinions expressed represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events, or a guarantee of future results, and are subject to further discussion, completion and amendment. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters discussed herein.