Bitwise’s 10 Large Cap Crypto Index posted a significant rebound in Q3, contrasting with declines in several sector stocks: Riot Platforms fell 26.4%, Hut 8 dropped 25.4%, and Galaxy Digital declined 16.8%. The number of public companies holding Bitcoin decreased nearly 6% to 173 in Q3, while those holding Ether fell from 40 to 35, although their combined holdings increased. Bitwise’s large-cap crypto index remains down 6.2% year-to-date through September. Bitwise expects the SEC’s innovation exemption to attract billions of dollars in tokenized assets onto blockchains, and forecasts the perpetual futures market, which already surpassed $6 trillion traded (+42% year-over-year), to accelerate with expected regulatory support.
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