Bitwise Chief Investment Officer Matt Hougan on Thursday called the second quarter the toughest stretch crypto has faced since the 2022 bear market and warned that the market is pricing a 2022-level bottom.
The Numbers From Q2 Were Brutal Across The Board Bitcoin (CRYPTO: BTC) dropped 13.40% in Q2, extending the crypto winter to nine months, the longest consecutive streak of negative quarterly returns since 2022.
Among major assets, Ethereum (CRYPTO: ETH) leads the damage at 46.89% down year-to-date, followed by Cardano (CRYPTO: ADA) at 56.53%, XRP (CRYPTO: XRP) at 42.90%, and Solana (CRYPTO: SOL) at 40.61%.
The one exception was Hyperliquid, which surged 79.03% in Q2 alone and 157.96% year-to-date, driven by rising adoption of perpetual futures and strong US spot ETF launches.
While tokens bled, AI-linked Bitcoin miners posted some of the best returns of any asset class this year.
