Bitwise's head of research, Ryan Rasmussen, shared five charts from the company's quarterly crypto market assessment, arguing that the sector's fundamentals remain strong despite the price drop. Rasmussen stated that there is a bull market everywhere for those who know how to see it. This gap between the two sides has become the widest of the current cycle. The only other major asset class that remained in the red zone in the first half of the year was gold, which declined by 7 percent.
The Bitwise Crypto Innovators 30 Index, which tracks the 30 largest public companies building the crypto economy, has more than doubled the returns on US stocks. According to Rasmussen, miners, stablecoin issuers and tokenization platforms with the wind of artificial intelligence contributed to this divergence. The head of research emphasized that crypto is not one thing.
According to industry data, the top 10 crypto apps generated a total of $5.9 billion in revenue in the last 12 months. In this revenue, PancakeSwap stood out with $923 million, Hyperliquid with $912 million and Aave with $877 million. Lido Finance, Uniswap, Pump.fun, Sky, Ethena, edgeX and Axiom completed the top ten. Rasmussen stated that this is the chart he sent to those who say crypto has no fundamentals.
Tokenized real-world assets reached a record $33 billion in the second quarter. That figure is up 12 percent quarter-over-quarter and 45 percent year-to-date, led by tokenized U.S. bonds, corporate credit, equities and venture capital. The amount in question does not include stablecoin issuers such as Circle and Tether.
The open position in the prediction markets reached an all-time peak with 1.8 billion dollars in the quarter, and the largest category was sports. Quarterly transaction volume also broke a record with 43 billion dollars. Rasmussen stated that he expects new peaks as the US midterm elections approach, that politics is the category that will put the sector on the map in 2024, and that the market has tripled since then. The head of research wrote that he expects crypto assets to recover in the second half of the year, but neither chart answers the question of whether prices have bottomed.