Bitwise: Crypto marks first three-quarter losing streak since 2022

The cryptocurrency market has declined for three consecutive quarters, marking its longest slump since 2022, according to asset manager Bitwise. The firm, which issues a spot Bitcoin ETF, noted that its Bitwise 10 Large Cap Crypto Index fell by 15.4% in the second quarter compared to the previous quarter, with eight of its 10 constituent assets posting losses. Additionally, spot Bitcoin ETFs experienced their largest-ever quarterly net outflow. Despite the downturn, Bitwise highlighted that fundamentals across the crypto market continue to improve. During the same period, Ethereum (ETH) trading activity surged approximately 13-fold, and the total value locked (TVL) in decentralized finance (DeFi) grew by over 60%. The assets under management (AUM) for stablecoins have also doubled from their levels during the 2022 bear market.