This is the most important quarterly report we have ever published.
For what? Because it reveals tension in crypto markets that has historically signaled a bear market bottom.
Consider that during the fourth quarter of 2025:
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The price of ETH fell 29%… just as Ethereum transactions hit new all-time highs.
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Crypto stocks fell 20%… while crypto company revenues were on track to grow 3x faster than any other sector.
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Sentiment has turned sharply bearish… while assets under management and stablecoin transactions have reached new highs.
This is the kind of divergence you get at the bottom of bear markets, when sentiment is down but fundamentals are up. The last time we had such mixed data was in the first quarter of 2023, after which cryptocurrency prices skyrocketed over the next two years.
That’s why reading the more than 70 charts and tables in this report is so important: they reveal the green shoots that could lead us into the next bull market.
Bitwise Asset Management is a global crypto asset manager with over $15 billion in client assets and a suite of over 40 investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies and staking. The company has an eight-year track record and today serves more than 5,000 private wealth management teams, RIAs, family offices and institutional investors as well as 21 banks and broker-dealers. The Bitwise team, comprised of more than 140 technology and investment professionals, is backed by leading institutional investors and has offices in San Francisco, New York and London.
