Bitwise’s Hougan says Q3 charts point to ‘crypto spring’

Bitwise’s Hougan says Q3 charts point to ‘crypto spring’

Özet: Kripto piyasasında önemli gelişmeler yaşanıyor.

Bitwise chief investment officer Matt Hougan says Q3 may have been “one of the best quarters in crypto’s history,” arguing a sharp rebound in crypto prices and growing onchain markets point to the start of “crypto spring.” In its quarterly market review published Thursday, Bitwise reported a 46.4% quarterly gain in its large-cap crypto index, along with $6 billion in US spot Bitcoin ETF inflows that brought year-to-date net flows back into positive territory.  The growth extended beyond the price of cryptocurrencies.

The value of tokenized equities rose 65.5% to nearly $3.2 billion, while open interest on decentralized perpetual futures hit a new record near $26 billion, with a growing share tied to stocks, commodities, foreign exchange and pre-IPO shares.

“Page after page after page, it’s all the same: The most recent part of the chart is turning sharply upwards,” Hougan wrote.

“That’s exactly what you want to see if you’re looking for the start of a crypto spring.” Crypto analysts have been debating whether the market slump is finally over.

CryptoQuant said in September that technical and onchain indicators confirmed a new Bitcoin bull market, while Bitget chief analyst Ryan Lee told Cointelegraph that more indicators were needed to confirm a cycle bottom.

Hougan pointed to ETF flows and onchain activity as additional signs of a potential recovery.  Bitcoin (BTC) gained 42.3% during Q3, while Ether (ETH) and Solana (SOL) rose 69.1% and 59.2%, respectively, according to Bitwise.  All 10 constituents of the firm’s large-cap crypto index posted double-digit quarterly gains, with Chainlink (LINK) the highest performer, climbing 97.6%.

“Three months ago, crypto was in the depths of despair,” said Hougan.

“Prices, onchain activity, ETF flows—everything was down.”  Year-to-date performance of the assets tracked in the Bitwise 10 Large Cap Crypto Index.

Source: Bitwise  However, the rebound did not extend to every corner of the industry.  Shares of Bitcoin miners Riot Platforms and Hut 8 fell 26.4% and 25.4%, respectively, during Q3, while Galaxy Digital dropped 16.8%, according to Bitwise.  The number of public companies holding Bitcoin fell almost 6% to 173 in the quarter, though their combined holdings grew 0.5%, while the number of public companies holding Ether fell to 35 from 40, even as their combined holdings increased.

Related: Crypto valuations could double as protocols link revenue to tokens: Bitwise CIO Meanwhile, Bitwise’s large-cap crypto index remained down 6.2% for the year through September despite its strong quarterly gain.

Analiz: Piyasa hareketliliği devam ediyor.