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Bitwise says Bitcoin’s 9-month crypto winter may be a setup
Bitwise reports U.S. spot bitcoin ETPs lost $4.9 billion in Q2, even as bitcoin held up better than peers and stayed below $60,000 for the first time since 2024.
Bitcoin’s nine-month downturn in 2026 is being framed by Bitwise Asset Management as a potential foundation for a rebound, not a collapse, in its newly released Q3 2026 Crypto Market Review, published by Bitcoin Magazine.
Bitcoin fell 13.4% in Q2 and is down 32.9% for the year, trading below $60,000 in June for the first time since 2024. Bitwise says this extends what it calls “crypto winter” to nine months and marks three straight quarters of negative returns for its broader Bitwise 10 Large Cap Crypto Index.
The report highlights relative resilience in bitcoin versus other large tokens, with bitcoin’s 32.9% year-to-date decline described as the shallowest among major large caps. Bitcoin Magazine also notes bitcoin is down about 52% from its October peak of $126,080, while Ethereum, Solana, and Cardano have fallen more.
On the institutional side, Bitwise points to stress in the exchange-traded product complex, saying U.S. spot bitcoin ETPs bled $4.9 billion in Q2, their worst quarter since launching in January 2024. Bitcoin Magazine adds that ETP assets under management total $72.4 billion, while cumulative net flows since inception stand at $53.4 billion, alongside a portfolio-holder mix that includes investment advisors and hedge fund managers.
Latest closeBitcoin $62,122.30 ▼2.6%|Ethereum $1,765.29 ▼2.2%|Solana $74.57 ▼3.0%